Online white goods retailer Marks Electrical said it has defied the consumer gloom after delivering strong revenue growth of 33.4% to £29.8 million between October and December.
Sales were especially strong of A-rated energy efficient laundry appliances – such as increasingly popular heat pump tumble dryers – televisions, refrigeration and small domestic appliances as customers look to save on energy costs.
Marks Electrical also saw continued adoption of its new in-house installation service, with over 3,000 installations of integrated appliances now completed since the services was launched in August 2022. The Group said it was on track to achieve its full year financial targets.
Mark Smithson, chief executive of Marks Electrical, said: “I am proud of the entire team at Marks Electrical for delivering a record quarterly performance, with year-on-year growth of 33.4% against a tough economic back-drop.
“This further demonstrates the resilience of our business model and the attractiveness of our market-leading customer offering, which more people are discovering up and down the country.”
Mr Smithson said to continue the company’s focus on growing brand awareness, it further invested in highly targeted television, radio and out-of-home campaigns over the Black Friday and Christmas sales peaks.
“This led to increased website traffic and broad-based revenue growth across the UK, but with particularly strong improvements year-on-year in London, South East England and the East Midlands,” he said.
“We’ve worked closely with our suppliers throughout the quarter, enhancing our position as a growing, but agile, national retail partner of choice.”
As supply has stabilised during the last 12 months, Mr Smithson said the business has been able to capitalise on its strong net cash position to enhance its inventory range and product availability, further improving the offering to customers.”
