Marks Electrical Group reports record annual revenue and continued strong trading momentum

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Marks Electrical Group plc has reported full-year sales growth of 44% to £80.5 million, for the 12 months to March 31, 2022.

The company said that operational highlights in the last 12 months included continued strong market share gains in the major domestic appliance and television markets and it added further delivery vehicles during the period, increasing owned fleet capacity and strengthening free next day delivery capability across the UK.

Mark Smithson, Marks Electrical Group’s chief executive, said: “The fourth quarter was another excellent trading period for us, with 19% revenue growth versus a particularly strong comparative of 127% in the prior year.

“Our disciplined focus on margin management, capital allocation and cash generation has also led to a strong returns profile from our asset light operating model.”

Mr Smithson continued: “During the period we have continued to enhance our operational capacity and have added additional resources in our customer services and driver-installation teams, helping us to maintain our market-leading customer service score of 4.8 on Trustpilot.

“Our USP of free next day delivery with our own fleet of vehicles, combined with our capacity unconstrained single site location, is helping us deliver operational excellence and gain market share in a highly competitive market.”

Mr Smithson said the business continued its focus on improving brand awareness with its offline marketing campaigns, coupled with search engine optimisation improvements, driving higher levels of organic and direct traffic.

He said: “With face-to-face meetings back on the agenda, we have met with multiple suppliers during the period and discussed our expansion plans and ways in which we can support each other’s growth objectives. This, coupled with inventory expansion in the second half, as supply constraints start to ease, is making Marks Electrical a more prominent retailer for our brand partners.”

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