Leicester online retailer sees turnover boost

Marks Electrical, the Leicester-based online electrical retailer which recently floated on the AIM, has seen strong growth in both turnover and profits for the six months to the end of September.

The company saw revenues ruse by 78% to £37.5m during the period, while profits are “on track” said Marks, with an adjusted EBITDA of just over £3m against £2.95m last year.

Mark Smithson, chief executive pfficer, said: “I would like to extend a heartfelt thank you to all my colleagues who have delivered a strong start first half performance in FY22. We achieved a record revenue of £37.5 million, up 78% from the prior half year. In addition, we also successfully completed our IPO and were admitted to trading on AIM on 5 November 2021, representing a major milestone in our company history.

“I am personally very proud of our first half results, which have continued into H2-22 with a record month in October and strong continuation into November. This performance demonstrates our high margin & strongly cash generative earnings model, that is both flexible and scalable during what has been, for many online retailers, a very challenging period – this demonstrates the agility of our colleagues and business model to adapt quickly in changing market conditions.”

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