Air fryers and coffee machines send white goods retailer’s shares soaring
Shares in Marks Electrical soared over seven per cent this morning after the online white goods retailer posted a 21.5 per cent rise in revenues.
Despite an ongoing cost of living crisis, consumers splashing out smaller electrical appliances such as air fryers helped hike revenues up to £97.8m compared to £80.5m the prior year.
In the three months to March 2023, the London-listed firm also said that revenues also jumped 20 per cent to £24.8m compared to £20.7m in the same period last year.
As a result of the strong performance, Marks Electrical, said that its full year adjusted EBITDA is set to exceed £7.5m ahead of its full year results which will be published in June.
“During the final quarter, we remained focused on customer service excellence and were proud to have received over 4,500 5-star Trustpilot reviews,” Mark Smithson, chief executive at Marks Electrical, said.
This, combined with our operational capacity improvements and the strengths of our unique single-site fulfilment and distribution model, enabled us to continue to offer an industry-leading next day delivery and installation service for major domestic appliances and consumer electronics across the country.
Marks Electrical was founded in 1987 and moved to become an pure-play online electrical supplier in 2005. It employs some 184 people across the UK.