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Marks Electrical reports rising revenues despite ‘external cost headwinds’

Marks Electrical

Marks Electrical has reported a 21.5% increase in revenues to £97.5 million in its full-year results, compared with £80.5 million last year, despite low consumer confidence due to the ongoing cost-of-living crisis.

In the year ended 31 March 2023, the electrical retailer maintained market-leading profitability, despite “external cost headwinds”, resulting in EBITDA of £7.5 million compared with £7.2 million in the same period last year.

Statutory profit before tax also increased from £3.8 million last year to £6.4 million this year.

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“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,” Marks Electrical CEO Mark Smithson said.

“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.

“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.”

Looking ahead, the company claimed that it expects strong trading momentum in the first two months of financial 2024, with revenue exceeding 30% year-on-year.

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