Marks Electrical Group PLC (MRK) Q4 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

Well, good morning, everyone. Welcome to sunny Leicester, the centre of the universe, as I know it. That's where I was born, and that's where we operate from. So a very convenient location right in the middle of England. I started in 1987 when I was 21, so I've been in business 35 years. Started off cleaning cookers in my dad's garage and moved through various shops, went online in about 2005 and bought various warehouses. Now I've got a huge site, 8-acre warehouse, in the center of england um in leicester i was always underfunded because i always wanted to do everything myself um i wanted a business with minimum human intervention so i invested a lot in it in the back end systems but i was i bought a new warehouse this huge site we're in now and it hampered me considerably so i was always constrained by cash i've sold some some shops um About 800,000 pounds, about two years ago now. That gave me some extra cash and some credits that I was owed and chucked that back in the business. The accountant said, no, you know, probably keep it to yourself. But I ignored his advice luckily and put it into stock and off we go. So it was like having a light in the touch paper. Once you've got some money in your business, the difference it makes is incredible. So I was always strapped for cash and now we're not, which is a great feeling, a great position. And what we do, I don't know whether you all know what we do, but we sell domestic appliances. We focus more on the premium sector. So we're not interested in a £20 Morphe Richards kettle that, you know, Amazon can deliver and throw over your gate. We're more interested in the £2,000 Samsung American fridge freezer or the Rangemaster two and a half grand range cooker, a Miele washing machine for £1,000. not your Beko £200 washing...