Marks Electrical Group plc has announced its preliminary results for the year ended March 31, 2023, which includes record full-year sales of £97.8 million, representing a growth rate of 21.5%.
The retailer said it maintained market-leading profitability despite external cost headwinds, resulting in a full year adjusted EBITDA of £7.5m at 7.7% margin and a statutory profit before tax of £6.4m.
Mark Smithson, chief executive of Marks Electrical Group, said: “We delivered another strong performance over the year, with revenue growth of 21.5%, which was particularly pleasing when compared to a prior year comparative of 44% and a difficult economic backdrop in which both the major domestic appliances and consumer electronics markets have declined year-on-year.
“The market share gain we’ve achieved in the online MDA market from 3.5% to 4.7% has been driven by the strength of our high-quality business model, our people and the attractiveness of our market-leading customer offering.”
Mr Smithson continued: “More customers are discovering Marks Electrical and our focus on stocking the right products, at the right price, with the fastest and most convenient delivery & installation options sets us apart from the competition, enabling us to continue to grow, attract talent, strengthen our operational capacity and further develop our service offerings.
“During the year we were laser-focused on customer service excellence and maintained our market-leading 4.8 Trustpilot score, whilst also developing our new gas, electric and television installation offering to over 65% of the UK on a next-day basis. This market-leading speed of service delivery is seeing very strong demand, and we are excited about its prospects in FY24 and beyond.”
Mr Smithson said the business had seen continued growth of over 30% in April and May and a very strong start to June.
