Revenue for the full year, ended 31 March 2023, was £97.8 million, an increase of 21.5% year-on-year.
The retailer recorded a full year adjusted EBITDA of £7.5 million, representing a free cash flow margin of 7.3%.
Success for the year was attributed to a strong performance across all categories, but particularly A-rate energy efficient MDA’s and SDAs including air fryers and coffee machines.
Mark Smithson, ceo, commented: “We delivered another strong performance over the year, with revenue growth of 21.5%, which was particularly pleasing when compared to a prior year comparative of 44% and a difficult economic backdrop in which both the Major Domestic Appliances and Consumer Electronics markets have declined year-on-year.
“During the year we were laser-focused on customer service excellence and maintained our market-leading 4.8 Trustpilot score.
“Despite some external cost headwinds in FY23, we were able to continue to achieve a market-leading adjusted EBITDA margin of 7.7%, demonstrating our differentiated operating model and sharp focus on all elements of our value chain, underpinned by our unique and scalable single-site fulfilment and distribution model.
“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 30% 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.”
