// Marks Electrical has seen its full-year revenue rise by 21.5% to a record £97.8 million despite a tough economic backdrop

// The retailer said the strong performance was driven across all product categories but particularly in A-rated energy-efficient washing machines and tumble dryers

Marks Electrical has seen its full-year revenue soar by 21.5% to a record £97.8 million following strong trading in its fourth quarter, which it attributed to a strong business model that enhanced margin.

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

The company said the strong performance was driven across all product categories but particularly in A-rated energy-efficient washing machines and tumble dryers.

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As a result, the business expects an adjusted EBITDA of more than £7.5m as gross margins improved in the second half of the year ending March 31.

Marks Electrical chief executive Mark Smithson said: “We are delighted to finish the year with revenue growth of 21.5% to a record £97.8 million, 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.”

“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.”

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