The retailer has reported strong first half trading period with revenue of £53.9m for the six months to 30 September.
During the period, Marks Electrical saw rapid growth in its premium next-day service offerings. A £1.2m investment in the vehicle fleet and distribution centre improved capacity and training facilities, including the development of the Marks Electrical Academy, preparing it for future growth opportunities.
Marks Electrical also maintained its industry leading Trustpilot score of 4.8, reaching over 55,000 reviews with 95% of those reviews being four and five star, demonstrating its best in class customer proposition.
During the period the retail retained its robust net cash balance sheet, carefully managing inventory levels, investing in selected capex opportunities and closing the period with a further improved net cash position of £10.9m, up from £7.7m year-on-year.
Mark Smithson, ceo, commented: “We’ve built on the good momentum delivered at the start FY24, with revenue growth of 24.8% against a major domestic appliances and consumer electronice market that is broadly flat in the first half of the year.
“We remain focused on our full year targets and expect margin pressure to ease in H2 as we benefit from improved operating leverage during the peak trading period.
“Our differentiated operating model, leading customer service and free next-day delivery provides a unique premium service proposition that sets us apart from the competition. I’m proud of our achievements in the first half and thank all of our colleagues for their commitment to developing and maintaining our superior customer offering, positioning us as the UK’s leading premium electrical retailer.
“We’ve exited September with order growth of over 20%, made a strong start to October, and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to grow sustainably and achieve our full year targets.”
