Business
Final Results
Final Results.
About this update from Marks Electrical Group Plc
[{"type":"text","content":"\n\n \n \nMarks Electrical Group plc\nAnnual financial results for the year ended 31 March 2024\nContinuing to gain market share profitably and well positioned for the year ahead\n \nMarks Electrical Group plc (\"Marks Electrical\" or \"the Group\"), a fast-growing online electrical retailer, today announces its full year audited results for the 12 months ended 31 March 2024 (\"the year\" or \"FY24\").\nFinancial highlights\n· Record full-year revenue of £114.3m (FY23: £97.8m) up 16.9% year on year, doubling the revenue we achieved in the year prior to listing (FY21: £56.0m).\n· Adjusted EBITDA(1) of £5.0m (FY23 £7.5m) in line as previously guided, maintaining strong cost control despite downward margin pressure as a result of consumers trading-down, and continuing our strategy of gaining market share profitably.\n· Adjusted EPS of 2.45p(3) (FY23 4.82p), statutory EPS of 0.41p (FY23 4.91p).\n· Further improvements in working capital and a reduction in inventory days to 56 days in FY24 from 74 days in FY23, helping the Group achieve a closing net cash(4) position of £7.8m, whilst making strategic investments in capacity across vehicles, equipment, facilities and systems.\n· Proposed final dividend of 0.66p per share, resulting in a total FY24 dividend payout of 0.96p (FY23: 0.96p). The dividend payout is being maintained year on year, despite the lower profitability, reflecting the Group's strong cash position and confidence in its future outlook.\n \nOperational highlights\n· Growth in Major Domestic Appliances (\"MDA\") market share from 2.5% in FY23 to 2.8% in FY24, with our share in the online segment of the market growing from 4.7% to 5.3%(5).\n· Growth in Consumer Electronics (\"CE\") market share from 0.3% in FY23 to 0.5% in FY24, with our share in the online segment of the market growing from 0.6% to 0.8%(5).\n· Completed the development of the Marks Electrical Academy, a purpose-built training facility, where our drivers and installers are trained on integrated, gas, electrical and freestanding connections and appliance installations.\n·  ...