Marks Electrical on track to achieve FY targets as sales rise

Online electrical retailer Marks Electrical said on Tuesday that it was on track to achieve its full-year targets as it reported a jump in sales, with a strong performance across categories.

In the nine months to the end of December, revenue grew 22% to £72.9m, while third-quarter revenues were up 33.4% year-on-year to £29.8m. The company pointed to a strong performance across product categories, but particularly in A-rated energy efficient laundry appliances, televisions, refrigeration and small domestic appliances.

Chief executive Mark Smithson said: "To continue our focus on growing brand awareness, we further invested in highly targeted television, radio and out-of-home campaigns over the Black Friday and Christmas sales peaks.

"This led to increased website traffic and broad-based revenue growth across the UK, but with particularly strong improvements year-on-year in London, South East England and the East Midlands.

"We've worked closely with our suppliers throughout the quarter, enhancing our position as a growing, but agile, national retail partner of choice. As supply has stabilised during the last 12 months, we have been able to capitalise on our strong net cash position to enhance our inventory range and product availability, further improving our offering for customers."

At 0935 GMT, the shares were up 3.9% at 93.55p.