Marks Electrical Group has announced its full year audited results for FY24 (Financial Year); the group posted record full-year revenue of £114.3 million, up 16.9 per cent and doubling its revenue from FY21.
In this time the group transitioned away from the Euronics buying group, which it stated “provided greater opportunities to develop deeper relationships with its manufacturer brand partners and drive further growth in revenue and margin”.
Mark Smithson, Chief Executive Officer, commented: “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. I am proud of the ongoing commitment and dedication of our entire team of customer-focused colleagues.
“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, and thanks to our disciplined approach to capital allocation, we’ve consistently returned a dividend to our shareholders, whilst retaining a net cash position. Our strategy and approach leaves us very well positioned for a market recovery when it occurs.”
The group saw growth in Major Domestic Appliances (MDA) market share from 2.5 per cent in FY23 to 2.8 per cent in FY24, and its share in the online segment of the market grew from 4.7 per cent to 5.3 per cent.
Mr Smithson added: “Whilst I continue to be personally frustrated about our margin progression during the year, I remain confident in our long-term growth prospects, and continue to be impressed by our ability to deliver market share gains profitably, against a fiercely competitive backdrop, whilst maintaining the highest levels of customer service standards in the industry.”
He continued with sharing that it saw strong trading performance in April, May and June, with double-digit revenue growth and momentum starting to pick-up following a weaker January to March period.
