Tuesday, August 16, 2022

Record revenue for Leicester online electrical retailer

Marks Electrical Group, the Leicester-based online electrical retailer, has enjoyed a record year for revenue, with growth of 44% to £80.5m.

Meanwhile, according to audited results for the year ended 31 March 2022, the firm posted an adjusted profit after tax in line with the prior year at £5.3m.

The business noted that positive trading momentum has continued in the first months of FY23, with revenue growth exceeding 20% year on year.

Mark Smithson, Chief Executive Officer, said: “We achieved record revenue in FY22, with growth of 44% against a strong comparative of 78% in the prior year. This is testament to the hard work and commitment of the entire team. I’m particularly proud to have achieved this while maintaining our disciplined focus on margin, capital allocation and cash generation.

“While we are conscious of the challenges raised by the cost of living crisis in the UK and its impact on consumer confidence, our low-cost and execution-focused model leaves us well positioned to manage operationally, and with still only 1.6% market share of the £5.4bn UK MDA market, we see significant scope and opportunity for growth.

“Recognising the current impact on the consumer and thanks to our strong brand partnerships, we have been able to expand our range of products, across price categories, as well as introducing new credit solutions and interest free options with our finance partners. We have continued to achieve market share gains and strong revenue momentum in the months since the financial year end, as our leading customer service and free next day delivery continues to provide a compelling and unique offering that sets us apart from the competition.

“We remain well positioned moving forward to execute on our clear strategy of growing brand awareness, delivering exceptional customer service, and expanding our offering to new customers across the UK.”

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