Marks Electrical has taken another chunk of the online appliance market with sales edging ever closer to £100 million. The Leicester headquartered business hit turnover of £97.8 million in the year to the end of March, up from £80.5 million.
Founder and chief executive Mark Smithson said the results were all-the-better as size of the overall market declined through the year. Pre-tax profits were £6.4 million, up from £3.8 million. Gross margins were pretty much 20 per cent.
The growth was driven by marketing drives helping to get Marks name better known around the UK, investment in installation services, and strong demand for energy efficient washing machines and tumble dryers, as well as premium range cookers and small appliances such as air fryers and coffee machines. Newly published results show marketing spend was 5 per cent of overall revenues.
