Marks Electrical has reported that it has continued to gain market share in the MDA and CE markets as it reveals it latest trading update.
In the year to March 2023, the online electricals retailer said it delivered “a record revenue performance” with sales climbing 21.5 per cent to £97.8 million, driven by particularly strong demand in A-rated energy efficient appliances, as well as SDA including air fryers, coffee machines and vacuum cleaners.
The Leicester-based firm’s recently-launched installation service (covering integrated, gas, electric and television products) also saw over 80 per cent growth in bookings year-on-year.
As well as this, Marks’ investment into further delivery vehicles during the year and additional warehouse mezzanine floors has led to increased capacity for its next-day delivery capabilities across the UK.
Mark Smithson, the company’s CEO, commented: “During the final quarter, we remained focused on customer service excellence and were proud to have received over 4,500 five-star Trustpilot reviews. This, combined with our operational capacity improvements and the strengths of our unique single-site fulfilment and distribution model, enabled us to continue to offer next-day delivery and installation services for MDA and consumer electronics across the country.”
Mr Smithson said he expects to see further growth in the new installation service during the coming year, saying he’s “excited about its potential”.
He added: “As we look to FY24, following a strong exit in March and a positive start to April, we now expect to exceed full year targets on profit and cash conversion for the year.”
