The first four months of FY24 were strong for Marks Electrical, with revenue growth of 30.7% to £36.2m, up from £27.7m in 2022.
The retailer reported an increased market share in consumer electronics from 0.3% last year, to 0.6% this year, with strong performance across categories.
Marks Electrical has invested in its distribution centre, vehicles and processes during the period, preparing for the peak autumn trading and future growth ambitions.
Mark Smithson, ceo, commented: “We’ve made a fast start to FY24 with revenue growth of over 30% against an MDA and CE market that is marginally down in the first months of our financial year.
“We’ve maintained our industry leading Trustpilot score of 4.8 and reached over 50,000 reviews on Trustpilot, which I am particularly proud of as it takes a combined effort from all our excellent team members, from sales ordering, through to picking, logistics, delivery, and customer aftercare, to deliver an exceptional customer service.
“Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market share gains as our brand awareness continues to grow.
“We’ve started August well and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”
