Marks Electrical reported record sales in its annual pre close trading update ahead of its full year results, as it experienced a “period of significant strategic change and progress”.
The appliance specialist, which saw its profit halve in November, pulled in full-year revenues of £117.2m for the 12 months ended 31 March, up 2.6% year-on-year
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Frasers Group rolls out credit and loyalty offer to Marks Electrical
The partnership means that customers shopping at the online electrical brand will have access to Frasers Plus’ buy now pay later options.
The Sports Direct owner has been steadily expanding its financial services offer over the last 12 months, and offers its credit options to more than 20 retailers.
Frasers will give the company a 6.4% stake in Marks Electrical
Mike Ashley’s Frasers Group has made a strategic move by acquiring a £3 million stake in Marks Electrical, boosting the online white goods retailer’s shares in early Tuesday trading Earlier in the month, Marks Electrical reported a dip in half-year profits as consumers opted for less expensive products due to financial pressures, with adjusted earnings falling to £2 million for the six months ending September 30, compared to £2.3 million in the previous year.
This occurred even though revenue rose by 9.3% to £58.8 million for the half-year period
Marks Electrical profit fall
Marks Electrical Group plc (-13.7%) fell sharply after reporting a near halving of profits for the six months to 30 September, despite a 9.3% rise in sales. The company highlighted a 9% drop in average order value, as customers shifted to more affordable, non-premium products
Marks Electrical sales soar in record year
Marks Electrical has enjoyed a record year as savvy shoppers researched online for better prices on large appliances.
The performance represents a record year for the group despite a strong prior year comparative of 44%, and low consumer confidence for high-value purchases during the cost-of-living crisis.
Marks electrical
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.
Marks electrical financial
Marks electrical Issued a trading update on financial and operational performance and announce revenue growth of 33.4% between October and December 2022 despite a very challenging market. Although their robust performance was driven across all major product lines, sales of A-rated energy efficient laundry appliances were especially strong.
In addition to marks electrical market-leading customer service and free next day delivery, we also saw continued adoption of our in-house installation service with over 3,000 installations now completed since launch in August 2022.
founder and CEO, Mark Smithson, commented:
“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.
To continue our focus on growing brand awareness, we 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.”
Marks electrical financial update
Marks electrical announced a half year update on their financial and operational performance. Sales were up 15.1% overall, despite a very challenging market. Strong performance was driven across all major product categories, notably A-rated energy efficient laundry appliances which grew at over 35% in the period reflecting more conscientious buying habits.
founder and CEO, Mark Smithson, said of the results:
“I’m proud of the performance we’ve delivered against a tough back-drop, with the Group’s sales up 15.1% in a very challenging market. This further demonstrates the resilience of our business model and is down to the hard work of everyone at the Company.
Our market-leading customer service and free next day delivery, combined with in-house installation expertise, provides a compelling and unique offering, that sets us apart from the competition.
We go into a busy period with growing momentum and confidence in our unique proposition.”
Online retailer Marks Electrical reports record revenue
Marks Electrical says its performance has been helped by strong demand for domestic appliances, such as fridge freezers, washing machines and TVs.
Chief executive officer Mark Smithson – who previously revealed his ambitions of hitting annual sales of £500 million in the next five years – said: “The fourth quarter was another excellent trading period for us, with 19 per cent revenue growth versus a particularly strong comparative of 127 per cent in the prior year.
“Our disciplined focus on margin management, capital allocation and cash generation has also led to a strong returns profile from our asset light operating model.
Marks Electrical plans to list after sales boom
Marks Electrical today revealed plans to list on London’s junior AIM market after benefiting from the pandemic online shopping boom.
The company, launched in 1987 by founder-CEO Mark Smithson from his father’s Leicester garage, saw revenues soar by 78% to £56 million in the year to end March
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