Marks Electrical revenues surge 31% in Q1
The company also saw continued growth in next-day integrated gas, electric and television installation services, which grew 200% since last year
Online electrical retailer, Marks Electrical Group, revealed that revenue grew by 30.7% to £36.2m during the first quarter of FY24.
This comes as the company performed particularly well in televisions, washer-dryers, and cordless vacuum cleaners.
During the first quarter to 30 July, the company also saw continued growth in next-day integrated gas, electric and television installation services, with more than 4,500 installation orders in the period compared with 1,500 in the prior year. This spells a growth rate of 200%.
As a result, Marks Electrical will be investing in its distribution centre, vehicles and processes in preparation for its “peak” autumn trading period.
Mark Smithson, CEO of Marks Electrical, said: “Our focus and attention on growing our installation offering is enabling us to create a truly differentiated, market-leading proposition for customers, further enhancing the strengths of our operating model.
“Despite a challenging market backdrop, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market share gains.”
He added: “We’ve started August well and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”
