Marks Electrical sees H1 revenues rise 15%
It reported strong performance driven across all categories but particularly in televisions, cookers, vacuums and small appliances
Marks Electrical has reported a revenue growth of 15.1% to £43.1m (HY22 £37.5m) for the six months ended 30 September 2022, sequentially improving against the 13.7% revenue growth in the first four months of FY23 and against a “particularly challenging market back-drop”.
It reported strong performance driven across all categories but particularly in televisions, cookers, vacuums and small appliances.
It also achieved a closing net cash position of £7.7m (FY22 £3.9m).
Mark Smithson, CEO, said: “After a solid performance in the first four months, the group’s positive trading momentum has continued in August and September as we continued to harness our market-leading customer service proposition and build brand awareness, enabling the Group to deliver continued revenue growth and market share gains.
“The strong competitive activity we saw in pricing during the first quarter has begun to ease more recently and despite the margin pressure this has had in the first half, we remain focused on controlling our overhead base and confident of achieving our full year targets.”
