Published on November 18th, 2021 | by The GC Team0
Marks Electrical posts strong first-half growth
Omnichannel retailer Marks Electrical posted strong first-half growth for the six months ended 30 September 2021 with revenue up 78% to £37.5m, against £21.1m in the same period last year.
The figure represented a two-year increase of 162% against the six months ended 30 September 2019 (H1-20 £14.3m).
The company said marketing activity including investment in a nationwide TV campaign played a key role in delivering the year-on-year sales growth.
Profitability was on track, with adjusted EBITDA of £3.03m (H1-21 £2.95m), delivering a margin of 8.1%.
The Leicester-based business, which successfully completed an IPO and was admitted to trading on AIM on 5 November this year, grew its market share from 1.2% to 1.5% in during the six-month period and said it is well positioned to achieve higher volumes in the second half of the financial year.
The retailer also managed to navigate industry supply chain issues, maintaining inventory throughout the period.
CEO Mark Smithson said: “We’ve worked closely with all our suppliers in order to ensure maintained inventory levels during the period, and have successfully coped with the continued surge in demand for our products. In a market with supply issues, this demonstrates the strength of our relationships with our suppliers and the agility of our business model in challenging times.”
Smithson said the strong sales performance has continued into the second-half of the year with a record month in October and strong continuation into November.