Marks Electrical Group, the Leicester-based online electrical retailer, has seen continued strong trading momentum with improved profitability in the nine months ended 31 December 2022.
According to a trading update, revenue grew 22% to £72.9m, up from £59.8m in the same period of the prior year.
Strong performance was driven across product categories, according to the firm, but particularly in A-rated energy efficient laundry appliances, televisions, refrigeration and small domestic appliances.
Mark Smithson, Chief Executive Officer, said: “I am proud of the entire team at Marks Electrical for delivering a record quarterly performance, with year-on-year growth of 33.4% against a tough economic back-drop. This further demonstrates the resilience of our business model and the attractiveness of our market-leading customer offering, which more people are discovering up and down the country.
“To continue our focus on growing brand awareness, we further invested in highly targeted television, radio and out-of-home campaigns over the Black Friday and Christmas sales peaks. This led to increased website traffic and broad-based revenue growth across the UK, but with particularly strong improvements year-on-year in London, South East England and the East Midlands.
“We’ve worked closely with our suppliers throughout the quarter, enhancing our position as a growing, but agile, national retail partner of choice. As supply has stabilised during the last 12 months, we have been able to capitalise on our strong net cash position to enhance our inventory range and product availability, further improving our offering for customers.
“After an improvement in profitability in the third quarter, we look forward to maintaining our performance management discipline on revenue, profit and cash in order to achieve our full year targets and continue to demonstrate our differentiated proposition.”
