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Marks Electrical posts strong half year trading

Marks Electrical has posted strong half year trading with revenue growth of 24.8% to £53.9 million. In the six months to 30 September, the retailer benefited… View Article

ELECTRICALS AND TECH NEWS

Marks Electrical posts strong half year trading

Marks Electrical has posted strong half year trading with revenue growth of 24.8% to £53.9 million.

In the six months to 30 September, the retailer benefited from particularly high sales uplifts in the TV, washer dryer and American fridge-freezer categories.

In addition, there was rapid growth in Marks’ premium next-day service offerings with integrated, gas, electric and TV installation services achieving over 7,000 installation orders in the first half, compared to 2,500 in the prior year.

Mark Smithson, chief executive of Marks Electrical, said: “We’ve built on the good momentum delivered at the start FY24, with revenue growth of 24.8% against a major domestic appliances and consumer electronics market that is broadly flat in the first half of our financial year.

“Our strategic decision to add in-house installation services to our offering has strengthened the group’s premium service proposition, enabling us to develop a market leading installation offering, growing market share and driving revenue growth.”

During the period, Marks Electrical invested £1.2 million in its vehicle fleet and distribution centre to improve its capacity and training facilities as it prepares for future growth.

Giving an update on more current trading, the retailer said it had exited September with order growth of over 20% and made a strong start to October.

Smithson added: “Our differentiated operating model, leading customer service and free next-day delivery provides a unique premium service proposition that sets us apart from the competition. I’m proud of our achievements in the first half and thank all of our colleagues for their commitment to developing and maintaining our superior customer offering, positioning us as the UK’s leading premium electrical retailer.”

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