Marks Electrical achieves ‘record annual revenue’

Marks Electrical has reported “record annual revenue” with sales growth of 44 per cent for its year ended 31 March 2022, plus 19 per cent revenue growth to £20.7 million for its last quarter.

CEO of the independent e-commerce electricals retailer, Mark Smithson, said the fourth quarter was “another excellent trading period” for the company.

During the year it added additional resources in its customer services and driver-installation teams.

Mr Smithson said these elements are helping the company to maintain its “market-leading” customer service score of 4.8 on Trustpilot

He continued: “Our USP of free next day delivery with our own fleet of vehicles, combined with our capacity unconstrained single site location, is helping us deliver operational excellence and gain market share in a highly competitive market.”

Marks Electrical, which was founded in Leicester in 1987 by Mr Smithson, offers over 3,000 products from over 50 leading brands across home appliances and audio/visual.

Both these market sectors provided strong sales for the company in the last quarter, with market share gains in both the MDA and television markets.

Also in recent months, the Group added further delivery vehicles to its fleet and made further improvements in warehouse efficiency to maximise facility utilisation.

“We continued our focus on improving brand awareness with our offline marketing campaigns, coupled with our search engine optimisation improvements, driving higher levels of organic and direct traffic,” Mr Smithson said.

He added that expansion plans with multiple suppliers as well as with its own inventory in the second half will help make Marks Electrical “a more prominent retailer”.

“We are well placed to seize the opportunities ahead with more and more people from across the UK coming into contact with the Marks brand for the first time.

“As we look forward to FY23, our trading momentum has continued during the start of April, setting us up well for our FY23 financial targets.”