Marks Electrical is a fast growing online electrical retailer. Credit: Sidekix Media on Unsplash.

UK online electrical retailer Marks Electrical reported total revenue of £97.8m ($123.6m) in fiscal year 2023 (FY23), up 21.5% from £80.5m in FY22.

During the year ending 31 March 2023, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was £7.5m and adjusted EBITDA margin of 7.7% against 9.0% against the prior fiscal.

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Marks Electrical’s statutory profit before tax (PBT) increased to £6.4m in FY23 from £3.8m in FY22, while its adjusted PBT was £5.06m.

Its adjusted earnings per share (EPS) were 4.82p, and statutory EPS was 4.91p for FY23.

The retailer posted a gross profit of £19.0m in FY23, representing a 19.3% growth from £15.9m in FY22.

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However, the gross profit margin declined by 40bps against the previous financial year due to the rising fuel costs, wage costs and interchange charges.

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Marks Electrical chief executive officer Mark Smithson said: “We delivered another strong performance over the year, with revenue growth of 21.5%, which was particularly pleasing when compared to a prior year comparative of 44% and a difficult economic backdrop in which both the Major Domestic Appliances and Consumer Electronics markets have declined year-on-year.

“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.

“We are focused on maintaining our performance management discipline on revenue, profit and cash in order continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”