Marks Electrical Group has announced record full-year revenue of £97.8m (vs £80.5m in 2022) representing a growth rate of 21.5 per cent, in its latest financial results to March 2023.

According to a statement, the retailer maintained market-leading profitability despite external cost headwinds, resulting in a full year adjusted EBITDA of £7.5m, with 7.7 per cent margin (vs 7.2 percent in 2022), and a statutory profit before tax of £6.4m (vs £3.8m in 2022).

Marks Electrical says it also has a robust, debt-free balance sheet with closing net cash position of £10.0m (FY22 £3.9m), supporting a proposed final. Dividend payouts of 0.96p per share reflects the group’s strong cash position and confidence in its outlook, the group said.

In terms of operational highlights, the group saw growth in MDA with market share growing from 2.0 per cent in FY22 to 2.5 per cent in FY23, and its share in the online segment of the market growing from 3.5 per cent to 4.7 per cent.

CE share grew from 0.2 per cent in 2022 to 0.3 per cent in 2023, with share in the online segment of the market growing from 0.4 per cent to 0.6 per cent.

There was strong performance driven across all categories but particularly in A-rated energy efficient washing machines and tumble dryers, premium range cookers and small appliances, including air fryers and coffee machines.

Some of Marks Electrical’s success was attributed to further focus on brand awareness initiatives across key locations, using social media, television, radio and out-of-home, while advertising drove an improvement in brand awareness in England from 7.0per cent in May 2022 to 15.0 per cent in May 2023, the statement said.

Mark Smithson Chief Executive Officer, commented: “We delivered another strong performance over the year, with revenue growth of 21.5 per cent, which was particularly pleasing when compared to a prior year comparative of 44 per cent 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 per cent to 4.7 per cent 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 & 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.

“As we look to FY24, we believe that our current market share continues to provide significant scope and opportunity for growth, regardless of the economic backdrop. We have been pleased to see continued growth of over 30per cent in April and May and a very strong start to June. We are focused on maintaining our performance management discipline on revenue, profit and cash in order continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”