Business
Trading Statement
Trading Statement.
About this update from Marks Electrical Group Plc
[{"type":"text","content":"\n\nMarks Electrical Group plc\nAGM trading update for the four months ended 31 July 2023\nStrong trading momentum driven by excellent customer service\n \nMarks Electrical Group plc (\"Marks Electrical\" or \"The Group\"), a fast-growing online electrical retailer, provides a trading update for the four months ended 31 July 2023 (\"the period\"), ahead of the Company's Annual General Meeting to be held today at 11:00 a.m. BST (\"AGM\").\n\n\n\n\n\n\n\n4 months ended 31 July\n£000\n\n\n\n\n \n\n\nFY24\n\n\nFY23\n\n\nYoY%\n\n\n\n\nRevenue\n\n\n36,160\n\n\n27,663\n\n\n30.7%\n\n\n\n\n \nHighlights\n·Strong trading period in the first four months of FY24 (April to July), with revenue growth of 30.7% to £36.2m (4 months FY23 £27.7m)\n·Increased market share in Major Domestic Appliances (\"MDA\") from 2.4% in Q1-23 to 3.0% in Q1-24, with Marks Electrical share in the online segment of the market growing from 4.5% to 5.7%(1)\n·Increased market share in Consumer Electronics (\"CE\") from 0.3% in Q1-23 to 0.6% in Q1-24, with Marks Electrical share in the online segment of the market growing from 0.6% to 1.0%(1)\n·Strong performance across categories with a particular stand-out performance in televisions (+84%), washer-dryers (+83%), and cordless vacuum cleaners (+62%)\n·Continued growth in next-day integrated, gas, electric and television installation services, with over 4,500 installation orders in the period, vs 1,500 in the prior year, a growth rate of 200%\n·Investment in distribution centre, vehicles and processes, preparing us for peak autumn trading and our future growth ambitions\n·Maintained industry leading Trustpilot score of 4.8 and reached over 50,000 reviews with 95% of those reviews being 4 and 5 star, demonstrating the strength of our best-in-class customer proposition\n·Robust balance sheet and net cash position, supporting the proposed final dividend of 0.66p per share, subject to shareholder approval at today's AGM\n \nMark Smithson, Chief Executive Officer, commented:\n\"We've made a fast start to FY24 with revenue growth of over 30% against an MDA & CE market that is marginally down in the first months of our financial year.\nWe've maintained our industry leading Trustpilot score of 4.8, and reached over 50,000 reviews on Trustpilot, which I am particularly proud of as it takes a com...