Marks Electrical has posted a boost in revenue and continues to gain market share in the major domestic appliance and consumer electronics markets.
The electricals retailer reported a 24.8% rise in revenue in the six months ending September 30, 2023, to £53.9m.
Its premium next-day service offerings with installation services saw “rapid growth” as it achieved more than 7,000 installation orders in the first half of the year, compared with 2,500 in the same period last year.
The group also noted “robust performance” across product category sales, with a 71% increase in televisions, 74% in washer-dryers and 36% in fridge-freezers.
Marks Electrical chief executive Mark Smithson said: “We’ve built on the good momentum delivered at the start of FY24, with revenue growth of 24.8% against a major domestic appliances and consumer electronics market that is broadly flat in the first half of our financial year.
“Our strategic decision to add in-house installation services to our offering has strengthened the group’s premium service proposition, enabling us to develop a market-leading installation offering, growing market share and driving revenue growth.
“The launch of this service, alongside the well-documented industry-wide pressures regarding wage inflation, impacted our H1 margin, with the pressure on distribution and installation costs being higher than expected.
“At the same time, year on year, we remained disciplined on marketing costs, maintained our cost control on overheads and are continuing to gain market share profitably.
“We remain focused on our full-year targets and expect margin pressure to ease in H2 as we benefit from improved operating leverage during the peak trading period.
“Our differentiated operating model, leading customer service and free next-day delivery provide a unique premium service proposition that sets us apart from the competition.
“I’m proud of our achievements in the first half and thank all our colleagues for their commitment to developing and maintaining our superior customer offering, positioning us as the UK’s leading premium electrical retailer.
“We’ve exited September with order growth of over 20%, made a strong start to October and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to grow sustainably and achieve our full-year targets.”
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