Marks Electrical has announced it has had strong revenue growth of 30.7 per cent to £36.2m, and its sales were strong across all categories it said.
In its latest trading update for the four months ending 31 July 2023, the retailer reported that it saw a strong performance in televisions which increased by 84 per cent, washer-dryers increased by 83 per cent, and cordless vacuum cleaners increased by 62 per cent.
Mark Smithson, CEO, said: “We have made a fast start to FY24 with revenue growth of over 30 per cent against an MDA and CE market that is marginally down in the first months of our financial year.
“Our focus and attention on growing our installation offering is enabling us to create a truly differentiated, market-leading proposition for customers, further enhancing the strengths of our operating model. We have been very encouraged by the take-up of this service, which is now available to over 65 per cent of the UK population on a next-day basis, and are excited about its potential.”
It reported an increased market share in Major Domestic Appliances from 2.4 per cent in Q1-23 to 3.0 per cent in Q1-24, with Marks Electrical’s share in the online segment of the market growing from 4.5 per cent to 5.7 per cent.
The company saw a growth in next-day cookers, ovens and television installation services, with over 4,500 installation orders in the period, vs 1,500 in the prior year, a growth rate of 200 per cent.
Marks Electrical claimed its tight control on inventory, overhead cost management and disciplined capital allocation, ensuring it has a healthy cash position and remaining focused on profitable market share gains as our brand awareness continues to grow, was the key behind its success.
It has also maintained a Trustpilot score of 4.8 and reached over 50,000 reviews with 95 per cent of those reviews being 4 and 5 star.