Maplin posts 'robust' full year results
Maplin, the specialist technology retailer, has seen its full year revenue edge up 0.5% to £236 million after it benefited from a 161% uplift in sales of smart home products.
In the year ending 18 March, like-for like sales were up 0.3%.
Meanwhile, underlying EBITDA was £12.3 million compared to £13.2 million in the previous year after the retailer made substantial investment across the business. This included a refresh of Maplin’s brand identity, improvements to its digital infrastructure, a new focus on smart product categories, and the piloting of a new store concept in Cambridge.
The foundations of Maplin’s connected services offering were also laid with the expansion of installation services and the trial of free home surveys.
Oliver Meakin, chief executive of Maplin, said: “We are confident that Maplin has a winning strategy and the financial flexibility to navigate what is a challenging retail backdrop and to fully realise the opportunity that our leadership in smart home presents.
“We have re-energised the business and laid the foundations of the new strategy, which focuses on providing customers with expert advice and installation, to be delivered across a seamless, modern multichannel offering. Early results are very encouraging with sales of smart home products up 161%.”
Maplin said it saw strong trading over this year's Black Friday with sales up 5% year-on-year including its biggest ever trading day in digital. Big sellers on Black Friday were smart home hubs, speakers, security products, bulbs, ride-on toys and drones.
Meakin added: “I believe that multichannel will ultimately win out over online only models, with the Maplin full service and expertise our unique selling points for the majority of consumers who want the benefits that technology offers but are uncertain how to best harness them.”
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