// Marks Electrical posts record full-year revenue of £97.8m, representing a growth rate of 21.5%
// The Leicester-based retailer is on track to have doubled the size of the company in three years by next March
Marks Electrical has enjoyed a record year, delivering record full year revenues of £97.8m despite a strong prior year comparative of 44% and low consumer confidence for high-value purchases amid the cost-of-living crisis.
The electricals retailer said sales were especially strong in A-rated energy efficient washing machines and tumble dryers, premium range cookers and small appliances, including air fryers and coffee machines energy efficient laundry appliances.
Chief executive Mark Smithson said: “We have been pleased to see continued growth of over 30% in April and May and a very strong start to June.”
The Leicester-based company has added £40m sales in just two years and is on track to have doubled the size of the company in three years by next March.
It also increased its market share by one-third – up from 3.5% to 4.7% – in the online major domestic appliances sector.
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April and May have starting strongly, following on from a 20% increase in annual sales in the year to March, which were close to £100m.
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 MDA market from 3.5% to 4.7% has been driven by the strength of our highquality 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 & 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.”
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