Saturday, May 21, 2022

Record quarter for Leicester online electrical retailer

Marks Electrical, the Leicester-based online electrical retailer, has hailed continued strong trading momentum with record sales performance in a trading update for its third quarter ended 31 December 2021.

The record trading period saw 27.4% revenue growth to £22.3m (Q3-21 £17.5m), including a strong performance during the seasonally important Black Friday and Christmas trading events.

The firm further reported year to date (YTD) revenue growth of 55% to £59.8m (2021 YTD: £38.6m), keeping the business on track to deliver its 2022 revenue target.

Mark Smithson, Chief Executive Officer, said: “I am delighted by our performance in the third quarter of this year, with year on year growth of 27.4%, and continued trading momentum against particularly strong comparatives. This high growth rate allowed us to continue to gain market share.

“In order to improve brand awareness, we continued our investment in TV campaigns, leading to increased website traffic and promoting the Marks Electrical brand. This, combined with our revised approach to digital marketing, helped attract new customers to our site.

“We’ve continued to work closely with all our suppliers in order to maintain inventory levels during the period, and have successfully coped with the continued surge in demand for our products, achieving record delivery numbers and ensuring we maximise the value on each vehicle. In a market with supply issues, this demonstrates the strength of our relationships with our suppliers and the agility of our business model to cope with peak demand.

“I am particularly proud of our further improvement on Trustpilot from 4.7 to 4.8, recognising the market-leading customer service that we provide. Our team has delivered a record quarter, handling increased throughput in our warehouse and via our expertly trained team of delivery drivers. Our call volumes have increased materially and our team have stepped up to deliver during the busiest time of the year, demonstrating the agility of our colleagues and business model to adapt quickly when volumes increase.

“Our momentum has continued into January and we look forward to maintaining our performance management discipline on revenue, profit and cash in the final months of the year.”

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