Business
Results for the six months ended 30 September 2021
Results for the six months ended 30 September 2021.
About this update from Marks Electrical Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7479S\n Marks Electrical Group plc\n 18 November 2021\n \n \n \n \n Marks Electrical Group plc\n \n \n Results for the six months ended 30 September 2021\n \n \n Significant growth, robust profitability and successful IPO\n \n \n \n \n \n Marks Electrical Group plc (\"Marks Electrical\" or \"The Group\"), a fast growing online electrical retailer, today announces its unaudited results for the six months ended 30 September 2021 (\"the Period\" or \"H1-22\" or \"first half\").\n \n \n \n \n \n Financial highlights\n \n \n · \n Strong first half revenue growth of 78% to £37.5m (H1-21 £21.1m), representing a two-year increase of 162% against the six months ended 30 September 2019 (H1-20 £14.3m)\n \n \n · \n Profitability on-track, Adjusted EBITDA of £3.03m (H1-21 £2.95m), delivering a margin of 8.1%\n \n \n · \n Continued focus on working capital management with strong operating cash conversion of 217% \n \n \n · \n Excellent free cashflow of £5.9m, representing a Free Cash Flow margin of 16%\n \n \n · \n Adjusted EPS 2.14p, statutory EPS 1.55p(1)\n \n \n \n \n \n Operational highlights\n \n \n · \n IPO on AIM successfully completed on 5 November 2021\n \n \n · \n Growth in Major Domestic Appliances (\"MDA\") market share from 1.2% in FY21 to 1.5% in H1-22(2), well positioned to achieve higher volumes in H2-22\n \n \n · \n Expanded warehouse facility by 29,000 sqft improving layout and efficiency whilst securing future sales capacity\n \n \n · \n Investments in the cost base to drive improvements in marketing, brand awareness and professionalisation of the \n business\n \n \n · \n Modernisation and growth of the vehicle fleet & driver base, with an increase of 58% in delivery capacity since March-21, improving reliability and offering customers more flexible delivery options, whilst maintaining our cost of delivery\n \n \n · \n Maintained inventory throughout the period, demonstrating the strength of our relationships with our suppliers and the agility of our business model\n \n \n · \n Maintained our commitment to sustainability, achieving carbon neutral operations in H1-22\n \n \n \n \n \n Mark Smithson Chief Executive Officer, commented:\n \n \n \"I would like to extend a heartfelt thank you to all my colleagues who have delivered a strong start first half performance in ...