Online retailer on track to double business in three-year period

Online retailer Marks Electrical has started the new financial year by increasing sales by 30% as its growth shows no signs of slowing.

April and May have starting strongly, following on from a 20% increase in annual sales in the year to March, which were close to £100m.

The Leicester-based business has added £40m sales in just two years and is on track to have doubled the size of the company in three years by next March.

Marks chief executive Mark Smithson, who started the business in 1987, said: “We believe that our current market share continues to provide significant scope and opportunity for growth, regardless of the economic backdrop.

“We have been pleased to see continued growth of over 30% in April and May and a very strong start to June.”

Marks Electrical specialises in domestic appliances and consumer electricals – two markets that have declined year-on-year because of the economic backdrop.

However the business increased its market share by one-third – up from 3.5% to 4.7% – in the online major domestic appliances sector.