Pureplay retailer Marks Electrical has reported record revenue growth in its latest financial year, which it attributed to a strong business model that enhanced margin.

Mark Smithson

Source: Mark Electrical

Mark Smithson said ‘more people continue to discover our brand up and down the country’

Marks Electrical’s sales advanced 21.5% to £97.8m, despite a difficult economic backdrop. 

The specialist retailer expects an adjusted EBITDA exceeding £7.5m as gross margins improved in the second half of the year ending March 31.

In the four months to March 31, sales rose 20% to £24.8m. In the final month, the retailer achieved an exit growth rate of 21.2% year on year.

Chief executive Mark Smithson said: “We are delighted to finish the year with revenue growth, especially against the prevailing economic backdrop. 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. 

“During the final quarter, we remained focused on customer service excellence and were proud to have received over 4,500 five-star Trustpilot reviews. This, combined with our operational capacity improvements and the strengths of our unique single-site fulfilment and distribution model, enabled us to continue to offer an industry-leading next-day delivery and installation service for major domestic appliances and consumer electronics.

“As we look to FY24, following a strong exit in March and a positive start to April, we are wholly focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our differentiated proposition.”