Marks Electrical posted record sales in its full-year results but profits dipped due to lower margins and higher distribution costs.
However, the electricals retailer has seen strong trading since the year end with double-digit revenue growth and an uptick in momentum over the past quarter, following weaker trading from January to March.
Across its last financial year ending 31 March, adjusted EBITDA fell £5m, in line with previous guidance but down from £7.5m the prior year despite sales surging 16.9% to £114.3m.
Revenue is now double the £56m Marks Electrical achieved before it listed on the stock market in 2021.
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Marks Electrical chief executive Mark Smithson said: “During what was a more challenging year for the group, in an environment where consumers remained highly price conscious, we continued to make good strategic progress across multiple fronts as a business.
“Over the past year we invested in our operations and systems to position the business for long-term success, navigated a trade-down in customer buying preferences, managed the inflation increases impacting our cost base and continued to make a profit. Having doubled revenue since IPO, we’ve also managed to grow our market share profitably.”
“The first three months of FY25 have been encouraging and we have been pleased to see a return to double-digit growth during the period, providing us with a robust platform to continue driving profitable market share gains, and ultimately enabling the group to deliver long-term value creation and become the UK’s leading premium electrical retailer.”
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