Marks Electrical Group revenues up 13.7% to £27m
The company said the performance was delivered despite a “challenging market backdrop”
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Marks Electrical Group has reported a strong trading period in the first four months of FY23, with revenue growth of 13.7% to £27.7m.
The company said the performance was delivered despite a “challenging market backdrop”.
It’s performance was driven across all categories but particularly in televisions, vacuum cleaners, washers and dryers, and air conditioning
Mark Smithson, chief executive officer, said: “We’ve started the year well despite a very tough market back-drop with the Group’s sales for the first four months up 13.7% compared with the online MDA and CE markets being down over 20% in the first months of our FY23.
“We’ve seen strong competitive activity both in pricing and marketing, with heavy discounting of headline prices and higher cost per click marketing expenses. Despite this, we have maintained our tight control on inventory, cost management and disciplined capital allocation, ensuring we are in a healthy cash position and remaining focused on profitable market share gains.”
He added: “Our differentiated operating model, leading customer service and free next day delivery provides a unique offering that sets us apart from the competition. I’m proud of the performance our team has delivered in a very challenging market.
“Whilst the remainder of the year is difficult to predict, our focus on maintaining a market leading customer proposition and healthy cash flow provides us with the best platform to generate continued profitable market share growth”.
