Marks Electrical posts record trading as air fryer sales jump
The online electronics retailer saw shares rise as it also reported an increase in profits.
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Marks Electrical has revealed record sales for the past year as it was boosted by demand for air fryers as consumers sought to reduce their energy costs in the kitchen.
The online electronics retailer saw shares rise as it also reported an increase in profits.
Marks said revenues jumped by 21.5% to £97.8 million for the year to March, compared with the previous year.
Mark Smithson, chief executive officer of the company, hailed it as “another strong performance over the year” amid an uncertain economic backdrop and pressure on consumer spending as household bills soared.
The retailer was buoyed by strong sales of A-rated energy efficient washing machines and tumble dryers, premium range cookers and small appliances in response to rocketing household energy inflation.
It added that this also contributed to a surge in demand for air fryers as consumers sought to use ovens less to reduce their energy bills.
Marks also reported pre-tax profits of £6.4 million for the year, up from £3.4 million a year earlier.
Mr Smithson added that positive trading has continued into the new financial year and cheered a “very strong start” to this month.
“As we look to full-year 2024, we believe that our current market share continues to provide significant scope and opportunity for growth, regardless of the economic backdrop,” he said.
“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.”
Shares in the business were 3.3% higher after early trading.