Leicester online electrical retailer, Marks Electrical Group has seen strong trading momentum in the first four months of its new financial year.
In a new trading update, for the four months ended 31 July 2023, the company saw revenue growth of 30.7%, reaching to £36.2m, up from £27.7m in same period of the prior year.
Mark Smithson, Chief Executive Officer, said: “We’ve made a fast start to FY24 with revenue growth of over 30% against an MDA & CE market that is marginally down in the first months of our financial year.
“We’ve maintained our industry leading Trustpilot score of 4.8, and reached over 50,000 reviews on Trustpilot, which I am particularly proud of as it takes a combined effort from all our excellent team members, from sales ordering, through to picking, logistics, delivery, and customer aftercare, to deliver an exceptional customer service.
“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. We have been very encouraged by the take-up of this service, which is now available to over 65% of the UK population on a next-day basis, and are excited about its potential.
“Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, 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 as our brand awareness continues to grow.
“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.”
