Marks Electrical Group has hailed record full year revenue in a new trading update.
The Leicester-based online electrical retailer has recorded revenue of £97.8m in the 12 months ended 31 March 2023, up from £80.5m in the year prior, representing a growth rate of 21.5%.
Mark Smithson, Chief Executive Officer, said: “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. This further demonstrates the strength of our business model and the attractiveness and advantage of our market-leading customer offering, as more people continue to discover our brand up and down the country.
“During the final quarter, we remained focused on customer service excellence and were proud to have received over 4,500 5-star Trustpilot reviews. This, combined with our operational capacity improvements and the strengths of our unique single-site fulfilment and distribution model, enabled us to continue to offer an industry-leading next day delivery and installation service for Major Domestic Appliances and Consumer Electronics across the country.
“Our newly launched integrated, gas, electric and television installation service continues to grow strongly, with over 80% growth in bookings year on year, demonstrating the demand for this premium offering when buying an appliance. We expect to see further growth in this service during FY24 and are excited about its potential.
“After an improvement in profitability in the third quarter, we continued this trajectory with improvements in gross margin and operational leverage, allowing us to exceed our full year targets on profit and cash conversion, even as we grow market share.
“I would like to take this opportunity to personally thank all our colleagues and brand partners for helping us achieve a strong year of growth, despite the challenging market environment. Working closely together has enabled us to build our position as a growing but agile and profitable national electrical retailer.
“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.”
