12th Apr 2023 11:44
(Alliance News) - Marks Electrical Group PLC said on Wednesday its annual revenue grew while noting a positive trading momentum.
The Leicester, England-based electrical products retailer said its annual revenue for the year ended March 2023 was GBP97.8 million, reflecting a 22% increase from GBP80.5 million.
The firm noted that the full year revenue is a company record.
Marks Electrical also said its revenue for the fourth quarter of financial 2023 went up by 20% to GBP24.8 million from GBP20.7 million, noting a strong trading momentum with an exit growth rate of 21% at the end of the financial year.
Gross margin improved in the second half of financial 2023 as expected, the company said.
Marks Electrical now anticipates the full year adjusted earnings before interest, taxes, depreciation and amortisation to exceed GBP7.5 million, which results from higher revenue combined with Ebitda margin expansion.
Marks Electrical noted its focus in the newly formed integrated gas, electric and television installation service, which saw a growth of 80% in the final quarter of financial 2023 compared to the year before, as well as the company's focus on brand awareness.
Looking ahead, the company expects to see further growth in its integrated, gas, electric and television installation service.
Adding that it has already seen a positive start to financial 2024, Marks Electrical said it is "wholly focused" on maintaining its performance management discipline on revenue, profit and cash.
Shares were up 6.6% at 89.00 pence in London on Wednesday morning.
By Sabrina Penty; Alliance News reporter
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