Marks Electrical Group PLC on Wednesday reported jumps in annual revenue and profit, saying it has brought strong momentum into financial 2024.

The Leicester, England-based electrical products retailer said revenue amounted to £97.8 million for the financial year that ended on March 31, up 22% from £80.6 million the year before.

Pretax profit increased by 71% to £6.4 million from £3.8 million, as operating profit rose by 63% to £5.9 million from £3.6 million. Exceptional costs incurred in the prior year in relation to the company’s initial public offering fell away.

Adjusted earnings before interest, tax, depreciation and amortisation rose 4.2% to £7.5 million from £7.2 million the year before.

Chief Executive Officer Mark Smithson said: ‘We delivered another strong performance over the year, with revenue growth of 22%, 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.’

Marks Electrical declared a final dividend of 0.66 pence per share, taking total dividend for the year to 0.96p, up 43% from 0.67p a year prior.

Looking ahead, Marks Electrical said it expects strong trading momentum in the first two months of financial 2024, with revenue exceeding 30% year-on-year.

Shares were up 3.4% at 94.05 pence each on Wednesday morning in London. Marks Electrical floated on AIM in November 2021 at a share price of 110p.

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