Marks Electrical has enjoyed a record year as savvy shoppers researched online for better prices on large appliances. 

Marks Electrical van

Marks Electrical now offers its installation service next-day to 65% of the UK

The online electricals retailer saw revenues jump 21.5% to £97.8m for the year to March 31, while pre-tax profits grew 70.6% to £6.4m. 

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 recorded strong sales across all categories, with energy-efficient white goods like washing machines and tumble dryers proving especially popular, alongside premium range cookers and small appliances such as air fryers and coffee machines. 

Adjusted EBITDA grew by £0.3m to £7.5m and margin decreased to 7.7% due to a full-year of Plc costs, including the removal of business rates relief, investments in its operational and buying teams as well as rising fuel costs and driver wages. 

Market share in major domestic appliances grew from 3.5% to 4.7%, consumer electronics grew from 0.2% to 0.3% and it increased brand awareness in England from 7% to 15%, which it credits to an advertising campaign across social media, TV, radio and out-of-home adverts. 

It also recorded significant growth in its installation service, which it now offers next-day to 65% of the UK. 

The retailer said the first two months of this financial year also looked promising, with revenue growth exceeding 30% year on year, and it has had a “strong start” to June. 

Marks Electrical chief executive Mark Smithson said: “We delivered another strong performance over the year, with revenue growth of 21.5%, which was particularly pleasing when compared to a prior year comparative of 44% and a difficult economic backdrop in which both the major domestic appliances and consumer electronics markets have declined year on year.

“The market share gain we’ve achieved in the online major domestic appliance market from 3.5% to 4.7% has been driven by the strength of our high-quality business model, our people and the attractiveness of our market-leading customer offering. More customers are discovering Marks Electrical and our focus on stocking the right products, at the right price, with the fastest and most convenient delivery and installation options sets us apart from the competition, enabling us to continue to grow, attract talent, strengthen our operational capacity and further develop our service offerings.”