Sales for the full year, ended 31 March, 2023, were £97.8 million, up 21.5%.
Marks Electrical said that a strong performance was driven across all categories, but particularly in small domestic appliances including air fryers, coffee machines and vacuum cleaners.
Gross margin improved in the second half, as anticipated, and higher revenue levels combined with cost discipline drove margin expansion. The group is now expecting to receive a full year adjusted EBITDA exceeding £7.5 million.
Mark Smithson, ceo, commented: “We are delighted to finish the year with revenue growth of 21.5% to a record £97.8m, especially against the prevailing economic backdrop. This further demonstrated the strength of our business model and the attractiveness and advantage of our market-leading customer offering, as more people continue to discover the brand up and down the country.
“As we look to FY24, following a strong exit in March and a positive start to April, we are wholly focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our differentiated proposition.”
