Marks Electrical Group PLC on Thursday reported a strong start to its current financial year, with revenue growth in spite of a challenging market backdrop.

Shares in the Leicester-based electrical products retailer were 6.4% higher at 72.32 pence on Thursday morning in London.

For the four months ended July 31, group revenue rose 14% to £27.7 million from £24.3 million the same period a year before.

Marks Electrical said it grew its market share in Major Domestic Appliances year-on-year to 3.8% from 2.5%, while its market share in Consumer Electronics edged upwards to 0.3% from 0.2%.

The group noted a strong performance across all categories, but particularly in televisions, vacuum cleaners, washers and dryers.

‘We’ve started the year well despite a very tough market backdrop with the group’s sales for the first four months up 14% compared with the online MDA and CE markets being down over 20% in the first months of our financial 2023. We’ve seen strong competitive activity both in pricing and marketing, with heavy discounting of headline prices and higher cost per click marketing expenses,’ said Chief Executive Officer Mark Smithson.

‘Despite this, we have maintained our tight control on inventory, cost management and disciplined capital allocation, ensuring we are in a healthy cash position and remaining focused on profitable market share gains,’ Smithson added.

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