Marks Electrical reports record FY revenues

Marks Electrical posted annual revenues of £97.8m, representing a growth rate of 21.5% year-on-year, while full-year adjusted underlying earnings were now expected to exceed £7.5m.

Gross margins were also said to have improved in the second half and highlighted that further improvements in working capital and inventory turn had resulted in "strong cash conversion" and a closing net cash position of £10.0m.

Chief executive Mark Smithson said: "We are delighted to finish the year with revenue growth of 21.5% to a record £97.8m, especially against the prevailing economic backdrop. This further demonstrates the strength of our business model and the attractiveness and advantage of our market-leading customer offering, as more people continue to discover our brand up and down the country.

"As we look to FY24, following a strong exit in March and a positive start to April, we are wholly focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our differentiated proposition."

As of 0905 BST, Marks Electrical shares were up 7.78% at 90.0p.

Reporting by Iain Gilbert at Sharecast.com