Consumers looking to slash energy costs have significantly lifted demand for air fryers at Marks Electrical, helping the online retailer to reach record sales.
As well as air fryers, which has been a popular cooking appliance during the cost-of-living crisis, the company also pointed to a strong performance for A-rated energy efficient washing machines.
It said revenue jumped 21.5% to £97.8 million in the year to March 31.
Pre-tax profits rose to £6.4 million from £3.8 million and current trading momentum is strong.
Chief executive Mark Smithson founded the firm in 1987 out of his dad’s garage in Leicester buying and selling second-hand cookers.
He told the Evening Standard: “Our customer data suggests that higher energy costs are leading to consumers investing in more energy efficient appliances, which not only are the most technologically advanced, but save money in the long run and are far better for the planet. We expect this trend to continue.”
In a company statement Smithson said: “As we look to FY24, 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.”
A note from analysts at Stifel said above-market growth “has been partly driven by the increase in marketing spend”.
