Marks Electrical posts record revenues of £97.8m
Marks Electrical was founded in Leicester in 1987 by Mark Smithson and has scaled into a nationwide online retailer
Marks Electrical has posted record revenues of £97.8m for the year ended 31 March 2023, compared with £80.5m in FY22.
The retailer posted an EBITDA of £7.5m which was up slightly from £7.2m compared with last year.
The company also posted a statutory profit before tax of £6.4m, nearly double the £3.8m it posted in the same period last year.
Marks saw its Major Domestic Appliances (“MDA”) market share grow from 2.0% in FY22 to 2.5% in FY23.
It also saw its share in the online segment of the market grow from 3.5% to 4.7%.
The retailer stated it has seen strong trading momentum in the first two months of FY24, with revenue growth exceeding 30% year-on-year.
Mark Smithson, CEO, said: “We delivered another strong performance over the year, with revenue growth of 21.5%, which was particularly pleasing when compared to a prior year comparative of 44% and a difficult economic backdrop in which both the Major Domestic Appliances and Consumer Electronics markets have declined year-on-year.
“The market share gain we’ve achieved in the online MDA market from 3.5% to 4.7% has been driven by the strength of our high-quality business model, our people and the attractiveness of our market-leading customer offering.”
He added: “More customers are discovering Marks Electrical and our focus on stocking the right products, at the right price, with the fastest and most convenient delivery & installation options sets us apart from the competition, enabling us to continue to grow, attract talent, strengthen our operational capacity and further develop our service offerings.
“Despite some external cost headwinds in FY23, we were able to continue to achieve a market-leading adjusted EBITDA margin of 7.7%, demonstrating our differentiated operating model and sharp focus on all elements of our value chain, underpinned by our unique and scalable single-site fulfilment and distribution model.”
Marks Electrical was founded in Leicester in 1987 by Mark Smithson and has scaled into a nationwide online retailer.
