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.”

Businesses in West Northamptonshire can now access a new decarbonisation support programme aimed at helping them to reach net zero and achieve their sustainability goals, including free business support, tailored energy audits and match funding up to £20,000 to implement energy efficiency measures. The programme is specifically tailored to help small and medium sized businesses make the transition to net zero and implement their sustainability plans and has received £630,854 from the UK Government through the UK Shared Prosperity Fund (UKSPF), a central part of the Government’s Levelling Up agenda. The Net Zero West Northants project combines technical advice and diagnostic work with access to grant funding to enable qualifying businesses to invest in decarbonisation activities, and is part of the Council’s commitment to supporting sustainable economic growth across the West Northamptonshire area. West Northamptonshire Council has a target for the area to reach net zero as a whole by 2045 and this fund will be a catalyst to realising this target. Following a competitive tendering process, West Northamptonshire Council (WNC) has appointed Ngage Solutions to deliver the programme. Ngage are leaders in this field and will work with local businesses to help them understand more about their carbon footprint, providing information, advice and guidance on decarbonisation solutions, including how the business can monitor reduction in carbon emissions. The free support will include 1-2-1 sessions, workshops and the use of expert diagnostic tools. Grants are match-funded and will initially cover 50% of project cost between the value of £1,000 – £20,000. Examples of projects that can be funded include LED lighting, solar panels, insulation and glazing, heating and cooling systems, new energy efficient equipment, and water and waste reduction technologies. Cllr Daniel Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth, said: “This decarbonisation programme highlights our commitment to supporting local businesses while reducing West Northamptonshire’s carbon emissions as we all move towards a net zero future. “As well as saving businesses money, energy saving solutions have many cross-benefits for the wider community, including better air quality and improved health and wellbeing for residents. “This scheme is one of many ways in which we are actively driving the local economy to ensure inclusive, sustainable growth, making West Northants the perfect place to live, work, visit and invest. I encourage all businesses to take a look at the website and see how they could benefit from this support today.” Daniel Cope, Climate Change Project Manager at Ngage Solutions, said: “We are thrilled to be partnering with West Northamptonshire Council to support local businesses in measuring their carbon footprint and providing the necessary funding to fuel their decarbonisation endeavours. “Often, just knowing where to start on the journey can be a major hurdle for many organisations to take action, and that’s where our team can step in to assist. “With our extensive experience of closely collaborating with hundreds of businesses to accelerate their journey to net zero, we’ve witnessed firsthand the transformative impact of sustainability initiatives. From driving cost savings to boosting staff morale and seizing green marketing opportunities, the benefits are tangible.”