Marks Electrical has reported a 21.5% increase in its revenues to a record £97.8 million in its full-year results, up from £80.5 million despite the “challenging market environment”.
In the 12 months to 31 March 2023, the group stated gross margin in the second half improved as expected, and higher revenue levels combined with its cost discipline drove an increase in EBITDA.
As a result, the electrical retailer is now expecting to achieve a full-year adjusted EBITDA exceeding £7.5 million.
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In the trading update, the company added that its fourth-quarter sales surged 20% higher to £24.8 million, compared with £20.7m in the same period last year.
The company added that it continued to win market share in the domestic appliance and consumer electronics markets, following its newly formed integrated, gas, electric and television installation services, which saw an 80% growth year on year in Q4-23.
As a result, Marks Electrical expects to “see further growth” in this service during FY24.
It also reported strong cash conversion and closed the year with net cash of £10 million.
“We are delighted to finish the year with revenue growth of 21.5% to a record £97.8m, especially against the prevailing economic back-drop,” CEO Mark Smithson said.
“As we look to FY24, following a strong exit in March and a positive start to April, we are wholly focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our differentiated proposition.”
Image credit: Marks Electrical
