Business
Annual Financial Results
Annual Financial Results.
About this update from Marks Electrical Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n Marks Electrical Group plc\n \n \n \n \n Annual financial results for the year ended 31 March 2022\n \n \n \n \n Significant growth, robust profitability and positive trading momentum\n \n \n \n \n \n \n Marks Electrical Group plc (\"Marks Electrical\" or \"the Group\"), a fast growing online electrical retailer, today announces its audited results for the year ended 31 March 2022 (\"the year\" or \"FY22\").\n \n \n \n \n \n \n Financial highlights\n \n \n \n \n Record full year revenue with growth of 44% to £80.5m\n \n \n Maintained strong profitability resulting in a full year Adjusted EBITDA(1) of £7.2m at 9.0% margin\n \n \n Underlying profitability of the operating model underpinned by a ROCE(2) of 57%\n \n \n Free cash flow of £5.7m, representing a free cash flow margin of 7.1% and resulting in a closing net cash position of £3.9m\n \n \n Adjusted EPS 5.01p(3), statutory EPS 3.22p\n \n \n Proposed maiden final dividend of 0.67p per share, reflecting Group's strong cash position and confidence in trading, to be paid (subject to shareholder approval at the AGM) on 18 August 2022 to shareholders who are on the register at the close of business on 15 July 2022\n \n \n \n \n \n \n \n Operational highlights\n \n \n \n \n IPO on AIM successfully completed on 5 November 2021\n \n \n Growth in Major Domestic Appliances (\"MDA\") market share from 1.2% in FY21 to 1.6% in FY22, with our share in the online segment of the market (our primary addressable market) growing from 1.5% to 2.6%(4)\n \n \n Strong performance driven across all categories but specifically in televisions, cooking appliances and tumble dryers\n \n \n Improved inventory holding and expanded operating capacity, whilst also expanding product range, variety and availability for customers\n \n \n Strengthened our commitment to sustainability, achieving carbon neutral operations in FY22\n \n \n Maintained industry leading Trustpilot score of 4.8, demonstrating the strength of our customer proposition\n \n \n \n \n \n \n \n Current trading and outlook\n \n \n \n \n Continued positive trading momentum in the first months of FY23, with revenue growth exceeding 20% year on year\n \n \n Disciplined approach to margin management, capital allocation and cash conversion demonstrated in FY22, provides the Group with solid ...