Marks Electrical makes strong start to new financial year
Marks Electrical has reported strong trading in the first four months of its new financial year with revenue growth of 30.7% to £36.2 million.
In a trading update ahead of its AGM today, the domestic appliance retailer said its television, washer-dryer and cordless vacuum cleaner categories performed particularly well, with respective sales uplifts of 84%, 83%, and 62%.
In the four months to 31 July, there was also growth in next-day integrated, gas, electric and television installation services, with over 4,500 installation orders in the period, compared to 1,500 in the prior year.
Mark Smithson, chief executive of Marks Electrical, said: “We’ve made a fast start to FY24 with revenue growth of over 30% against an MDA & CE market that is marginally down in the first months of our financial year.
“We’ve maintained our industry leading Trustpilot score of 4.8, and reached over 50,000 reviews on Trustpilot, which I am particularly proud of as it takes a combined effort from all our excellent team members, from sales ordering, through to picking, logistics, delivery, and customer aftercare, to deliver an exceptional customer service.”
During the period, the retailer invested in its distribution centre, vehicles and processes as it looks ahead to peak autumn trading. It also maintained tight control on inventory, overhead cost management and capital allocation.
Smithson added: “We’ve started August well and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”
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