Marks Electrical hailed strong sales growth in the first four months of the year “driven by excellent customer service” ahead of its AGM today.
In a trading update for the four months to July 2023, Marks Electrical said its sales saw a growth of 30.7% to £36.2m, compared with the £27.7m in sales the business reported during the same period last year.
The electricals retailer said its major domestic appliances share increased from 2.4% to 3%, while the online segment of the market grew from 4.5% to 5.7% compared with the same time last year.
Marks Electrical said it saw strong performance across categories, with a “particular stand-out performance” in televisions, washer-dryers and cordless vacuum cleaners, which saw a sales growth of 84%, 83% and 62% respectively.
Chief executive Mark Smithson said: “We’ve made a fast start to FY24 with revenue growth of over 30% against a major domestic appliances and consumer electrics market that is marginally down in the first months of our financial year.
“Our focus and attention on growing our installation offering are enabling us to create a truly differentiated, market-leading proposition for customers, further enhancing the strengths of our operating model.
“We have been very encouraged by the take-up of this service, which is now available to over 65% of the UK population on a next-day basis, and are excited about its potential.
“Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market-share gains as our brand awareness continues to grow.
“We’ve started August well and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”
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