Marks Electrical posts record revenue despite challenging year
Marks Electrical has posted a 16.9% increase in annual revenue to a record £114.3 million despite it experiencing a challenging year.
In the 12 months to 31 March, the company gained new customers and increased its market share.
Subscribe to TRBHowever, adjusted EBITDA came in at £5 million compared to £7.5 million in the prior year as a result of lower gross product margin and higher distribution costs.
Meanwhile, statutory operating profit in the period dropped to £0.5 million from a previous £6.4 million.
Mark Smithson, chief executive officer, of Marks Electrical, said: “During what was a more challenging year for the group, in an environment where consumers remained highly price-conscious, we continued to make good strategic progress across multiple fronts as a business.
“Over the past year we invested in our operations and systems to position the business for long-term success, navigated a trade-down in customer buying preferences, managed the inflation increases impacting our cost base and continued to make a profit. Having doubled revenue since IPO, we’ve also managed to grow our market share profitably.”
Marks Electrical said it has seen strong trading since the year end with double-digit revenue growth and an uptick in momentum following weaker trading from January to March.
Smithson added: “The first three months of FY25 have been encouraging and we have been pleased to see a return to double-digit growth during the period, providing us with a robust platform to continue driving profitable market share gains, and ultimately enabling the Group to deliver long-term value creation and become the UK’s leading premium electrical retailer.”
