Marks Electrical Group, the online electrical retailer, has hailed a “strong trading period” as revenue increased in the six months ended 30 September 2022.
In an update on the London Stock Exchange, the Leicester-based company said strong performance was driven across all categories but particularly in televisions, cookers, vacuums and small appliances.
The half saw revenue growth of 15.1% to £43.1m, up from £37.5m in the same period last year, despite “a particularly challenging market back-drop.”
Mark Smithson, Chief Executive Officer, said: “After a solid performance in the first four months, the group’s positive trading momentum has continued in August and September as we continued to harness our market-leading customer service proposition and build brand awareness, enabling the group to deliver continued revenue growth and market share gains.
“The strong competitive activity we saw in pricing during the first quarter has begun to ease more recently and despite the margin pressure this has had in the first half, we remain focused on controlling our overhead base and confident of achieving our full year targets.
“Given the challenging economic backdrop our focus on maintaining inventory whilst improving inventory days has been key, allowing us to close the period with a net cash position of £7.7m. This puts us in a strong position for the months ahead.
“Our differentiated operating model, leading customer service and free next day delivery provides a unique offering that sets us apart from the competition. I’m proud of our achievements in the first half and thank all of our colleagues for their focus on developing and maintaining our leading customer proposition in a very challenging market.
“As momentum continues to build going into the peak trading period, our focus on operational excellence and cash flow generation, combined with our net cash position, provides us with a robust platform to generate continued profitable market share growth and achieve our full year targets.”
