Electrical

Marks Electricals sees revenues surge to £80m

It said the performance comes as it ‘continued strong market share gains’ in the Major Domestic Appliance and Television markets

Marks Electricals has hailed a strong year of revenue growth for the full-year ending 31 March 2022 as its revenues hit £80.5m.

This is up 44% year-on-year compared to the £56m it recorded during the previous 12 months.

In the trading update, ahead of its full set of results set to be announced later in June, the retailer revealed operational leverage continued during the period, driving margin expansion in the second half, with the group expected to achieve its full-year Adjusted EBITDA margin target of 9.0% in line with market expectations.

It said the performance comes as it “continued strong market share gains” in the Major Domestic Appliance and Television markets.

Mark Smithson, CEO, said: “During the period we have continued to enhance our operational capacity and have added additional resources in our customer services and driver-installation teams, helping us to maintain our market-leading customer service score of 4.8 on Trustpilot.

“Our USP of free next day delivery with our own fleet of vehicles, combined with our capacity unconstrained single site location, is helping us deliver operational excellence and gain market share in a highly competitive market.”

He added: “…I would like to take this opportunity to thank our colleagues and brand partners for helping us achieve a record year, despite a challenging market environment.

“We are well placed to seize the opportunities ahead thanks to our compelling customer proposition, low-cost operating model and continued focus on profitable market share growth, with more and more people from across the UK coming into contact with the Marks brand for the first time. As we look forward to FY23, our trading momentum has continued during the start of April, setting us up well for our FY23 financial targets.”

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