Business
Results for the six months ended 30 September 2022
Results for the six months ended 30 September 2022.
About this update from Marks Electrical Group Plc
[{"type":"text","content":"\n \n \n \n Marks Electrical Group plc\n \n \n \n \n Results for the six months ended 30 September 2022\n \n \n \n \n Continued trading momentum, resilient profit performance and strong market share gains\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 unaudited results for the six months ended 30 September 2022 (\"the Period\" or \"H1-23\" or \"first half\").\n \n \n \n \n \n \n Financial highlights\n \n \n \n \n Strong first half revenue growth of 15.1% to £43.1m (H1-22 £37.5m)\n \n \n Resilient profit performance in tough market conditions with Adjusted EBITDA(1) of £2.7m (H1-22 £3.0m), delivering a margin of 6.3% and keeping us on-track to deliver on our full year targets\n \n \n Continued focus on working capital management, improving inventory days and driving a strong operating cash conversion of 189%\n \n \n Free cash flow of £4.5m (H1-22 £5.9m), representing a free cash flow margin of 10%\n \n \n Adjusted EPS of 1.66p (H1-22 2.14p)(3), Statutory EPS of 1.66p (H1-22 1.55p)\n \n \n Robust, debt-free balance sheet with closing net cash position of £7.7m (H1-22 £1.3m), supporting an interim dividend of 0.30p per share\n \n \n \n \n \n \n \n \n \n \n Operational highlights\n \n \n \n \n Growth in Major Domestic Appliances (\"MDA\") market share from 1.6% in H1-22 to 2.1% in H1-23, with our share in the online segment of the market growing from 2.6% to 3.9%(4)\n \n \n Growth in Consumer Electronics (\"CE\") market share from 0.2% in H1-22 to 0.3% in H1-23, with our share in the online segment of the market growing from 0.4% to 0.6%(4)\n \n \n Strong performance driven across all major product categories, with A-rated energy efficient laundry appliances growing at over 35% in the period, versus less efficient models staying broadly flat\n \n \n Investments in on-screen, social media and out-of-home marketing activities drove improved brand awareness from 7% to 10%(7)\n \n \n Expanded our geographic footprint further into Glasgow, Edinburgh, Cornwall and further parts of Wales, where we have seen strong demand for our customer leading proposition\n \n \n Maintained industry leading Trustpilot score of 4.8, demonstrating our commitment to operational delivery and customer satisfaction\n \n \n \n \n \n \n Outlook\n \...