Marks Electrical revenues up 21.5%
The company also continued market share gains in the major domestic appliance and consumer electronics markets
Marks Electrical has seen its FY revenues jump 21.5% to £97.8m, up from £80.5m, for the 12 months ended 31 March 2023.
Alongside this, its revenues for the three months ended 31 March were up 20% from £20.7m to £24.8m.
It revealed the strong performance was driven by many product categories but particularly in A-rated energy efficient washing machines and tumble dryers, and small domestic appliances like air fryers, coffee machines and vacuum cleaners.
The group also expects to achieve full-year adjusted EBITDA of over £7.5m as a result of an improved gross margin in the second half of the year as well as the increased revenue.
It also saw positive trading momentum in March 2023, with an exit growth rate in the final month of 21.2% year on year.
The company also continued market share gains in the major domestic appliance and consumer electronics markets.
CEO Mark Smithson said: “We are delighted to finish the year with revenue growth of 21.5% to a record £97.8m, especially against the prevailing economic back-drop. This further demonstrates the strength of our business model and the attractiveness and advantage of our market-leading customer offering, as more people continue to discover our brand up and down the country.
“During the final quarter, we remained focused on customer service excellence and were proud to have received over 4,500 5-star Trustpilot reviews. This, combined with our operational capacity improvements and the strengths of our unique single-site fulfilment and distribution model, enabled us to continue to offer an industry-leading next day delivery and installation service for Major Domestic Appliances and Consumer Electronics across the country.”
