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Record revenue for Marks Electrical
The CEO of Marks Electrical Group, the Leicester-based online electrical retailer, is “proud” of its performance, as the firm achieved record revenue for the year ended 31 March 2024.
According to a new trading update, revenue grew to £114.3m from £97.8m in the year prior, representing a growth rate of 16.9%, and more than double the revenue the business achieved in the year prior to its listing (£56m). The firm has also seen increased market share in the Major Domestic Appliances and Consumer Electronics markets, though with consumers highly price-conscious in the current trading environment an adverse impact is being felt on average order value, resulting in customer order volumes growing faster than revenue.As Marks Electrical continues to build its scale, it decided to leave the Euronics buying group as of 31 March 2024. It noted that this will enable the group to establish closer, direct relationships with its manufacturer partners, which will provide further opportunity to drive growth and margin in the future.
Mark Smithson, Chief Executive Officer, said: “I am proud of the revenue growth we have achieved of 16.9%, in a flat Major Domestic Appliances and a declining Consumer Electronics market. In addition, the investments we have made in driver training and customer services have resulted in us improving our Trustpilot rating from 4.8 to 4.9, further demonstrating the strength and attractiveness of our market-leading customer offering and the hard-work all of our colleagues throughout FY24.
“As we focus on positioning our business to deliver long-term growth and value creation, our decision to exit the Euronics buying group represents the next logical step in that journey, further building on the direct relationships we have with our brand partners. We anticipate that our departure will lead to revenue and margin upside in the medium-term and in addition, once the exit has concluded, our £1.7m balance sheet investment crystallises into cash, expected in June 2024.
“As explained in our January trading update, in the current trading environment consumers remain highly price-conscious, which given our premium focus, continues to have an adverse impact on our average order value, resulting in customer order volumes growing faster than revenue. This impact will limit our ability for margin expansion in the short-term, when taking into account the relatively fixed cost of delivery.
“Despite this, we are very pleased with the growth in our order volumes and new customer acquisitions during the period and the strong growth we have seen in early April, giving us confidence that our fundamental strategy of continued profitable market share gains and excellent customer service will help us in delivering further growth.”
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Nottingham Venues’ Orchard Hotel unveils new Signature Suite
Following months in planning and construction, Nottingham Venues’ Orchard Hotel has launched its new luxury accommodation offering – the Signature Suite.
According to the latest figures, Nottingham City and the County of Nottinghamshire welcome more than 30 million visitors annually and the tourism sector contributes £2 billion to the region.
The Signature Suite has been designed to cater to the luxury end of the leisure and business tourism market and to guests wanting a more unique hotel experience.
Peter Bartlett, Manager of The Orchard Hotel, says: “Nottingham attracts a huge number of visitors annually but there a few accommodation options for those tourists looking for a more luxurious stay.
“We wanted to add a luxury hotel suite to our existing 4* accommodation offering and provide this option for our business and leisure guests and those parents visiting Nottingham to visit their children at university.”
The Signature Suite is located on the top floor of the 4* Orchard Hotel situated within the parkland of the University of Nottingham Campus. Guests can enjoy views out over the city campus and treeline of the parkland and the suite also features a large terrace for entertainment in the evening with friends. There is also the option for private dining and small events.
The 726 sq ft suite has been designed and constructed by Nottinghamshire-based Arracol Ltd and the design of the room has been inspired by its local environment. The concept and build were conducted with locally sourced suppliers and trades within the Nottingham locality wherever possible.
As part of the Orchard Hotel, the Signature Suite also comes with access to the hotel’s leisure facilities, restaurant, and bar.
Peter Bartlett adds: “We are delighted with our new hotel suite, and we expect it to appeal to the many business clients we welcome to the East Midlands Conference Centre.
“We believe this is the only hotel suite of its type in Nottingham and that, combined with the private location, means we might even attract some of the celebrities and sports stars we welcome to our city each year.”