Online electrical retailer Marks Electrical Group reported record full year revenue of £97.8m, according to a trading update for the year to 31 March 2023.
The results represent a growth rate of 21.5%, up from £80.5m in 2022.
The firm is now expecting to achieve a full year Adjusted EBITDA exceeding £7.5m.
“We are delighted to finish the year with revenue growth of 21.5% to a record £97.8m, especially against the prevailing economic back-drop. This further demonstrates the strength of our business model and the attractiveness and advantage of our market-leading customer offering, as more people continue to discover our brand up and down the country,” Mark Smithson, chief executive officer, commented.
Marks Electrical Group recorded a strong trading period in its fourth quarter, with 20.0% revenue growth to £24.8m – up from £20.7m during the same period in 2022.
Category Archives: Retail suppliers
DH Lifelabs new trade partner
Bluestem Group introduce a new brand partner, DH Lifelabs UK, who produce innovative air treatment products to create a cleaner, safer and more comfortable home.
In addition to the revolutionary Aaira Surface Cleaning & Disinfectant System, we are stocking a number of air purifiers, including the compact Aaira Mini, as well as Wi-Fi enabled models.
for more info call Bluestem on 01473 271272
Beko Splash the Dosh on advertising
Beko plc has launched its biggest TV and multi-channel advertising campaign, to date, costing £3millionRunning until the end of October 2023, the 360 campaign will comprise TV advertising, Sky AdSmart, digital media,
Euronics show
The CIH Euronics Showcase, an exclusive event for CIH members, Euronics agents, and participating brands, is set to take place at the NEC in Birmingham on April 23rd and 24th, 2023. The event aims to help members and agents succeed in the current challenging retail environment by providing the opportunity to see the latest products a record number of companies, over 40 brands, will be exhibiting at the showcase, with a diverse range of products including domestic appliances, Beko; Blomberg; CDA; Liebherr; Haier; Hoover; Hisense; Creda; ASKO; Vax; Dyson; Product Care Group; Caple; Rangemaster; Bosch; Neff; Siemens; Rangemaster; Whirlpool; Hotpoint; LG; Sony; Smeg; Shark/Ninja; AEG; Samsung; plus many others
De’Longhi Cambodia experience
De Longhi are to open a new store experience in Phnom Penh, Cambodia. Something is brewing in Phnom Penh, and you don’t want to miss it! Delonghi is bringing something special to the city, something that will change the way you start your day in Phnom Penh . Stay tuned for more updates
SCREWFIX ACQUIRES ASSETS OF CONNECT DISTRIBUTION SERVICES LIMITED
Screwfix, the UK’s leading omnichannel trade retailer and part of Kingfisher plc, today announces it has acquired the stock, intellectual property, contracts and fixed assets of Connect Distribution Services out of administration, for a cash consideration of £3 million, following the appointment of Alvarez & Marsal as administrators.
Connect Distribution Services Limited is the leading retailer of appliance spares, accessories and consumables to both tradespeople and consumers through digital and telephone channels.Screwfix will continue to operate the business as a going concern, acquiring its e-commerce platforms, stock, intellectual property and product data, with over 400 current Connect Distribution Services employees transferring to Kingfisher group.
Connect Distribution Services’ online trading brands, which include well-known sites such as eSpares, BuySpares, 4OurHouse and the Connect Trade Portal, will continue to operate as normal.
There are many opportunities for synergy, with both businesses serving B2B and B2C customers through leading digital and fulfilment platforms. Over time, Screwfix will explore opportunities to enable customers to Click & Collect orders through Screwfix’s convenient nationwide store network. There is also potential to generate synergies with other parts of the Kingfisher Group
Mike Denny, Alvarez & Marsal, Joint Administrator of Connect Distribution Services said: “We are delighted to have completed a sale of the majority of the business and assets of the CDSL group of companies to Screwfix, saving over 400 jobs. We wish the business every success under its new ownership.”
Fredrik Tønnessen is the new CEO of Elkjøp
Fredrik Tønnessen is from today the new CEO of Elkjøp Nordic. – He is looking forward to getting on the offensive, growing and making the business more profitable.Elkjøp Nordic AS is part of Currys, a leading multinational consumer electrical and mobile retailer and services company, employing over 42,000 people in nine countries. Together we are the market leader in the UK & Ireland, throughout the Nordics and in Greece.
CEVA Logistics: three-year storage and distribution agreement with Haier Europe
CEVA Logistics obtained a 3-year contract to provide logistics and distribution services to Haier Europe. The company will be responsible for the warehousing and handling activities for both the B2B and B2C lines, dealing in particular with the entry and exit of goods, the stock management and the order preparation. CEVA Logistics will handle approximately 500,000 outgoing pieces and 500,000 incoming pieces within its 165,000 square meter logistics hub located in Somaglia (Italy), of which approximately 40,000 dedicated to Haier Europe.
AO on the mend
Online electricals retailer AO World has hiked it annual earnings outlook for the third time in just over three months as it said cost-cutting efforts were paying off.profitability has seen a better-than-expected improvement as it drives cost savings thanks to a “resilient” customer base.Expects underlying earnings to be in the range of £37.5 million to £45 million for the full year, up from the £30 million to £40 million guided for last month.AO World slumped to a £12 million loss in its first half, with shares hammered last year following a series of profit warnings as the cost crisis hit consumer spending on white goods, and due to labour shortages and supply chain disruptionThe company started its turnaround plan with a £40 million fundraising round last summer in a bid to strengthen its balance sheet amid fears of a cash crunch.
AO has closed its loss-making German operation as part of the shake-up and has launched action to save at least £30 million a year by 2023-24 – including by recently axing senior and middle management jobs.
The firm has also ditched unprofitable products while introducing delivery charges and cutting cashback incentives to reduce the cost of sales.
Whirlpool anouce delivery surcharge for independent retailers
Whirlpool UK is planning to introduce “a nominal delivery surcharge” for all small trade units going to independent electrical retailers.
We understand that this change applies to all Whirlpool Group products, including the Hotpoint and Indesit brands. At the end of last month,
retailers received a plan update letter from Whirlpool
WHITEGOODSNOW 