Marks Electrical shines in half-year results following stock market debut
Online electrical retailer Marks Electrical reported a 78 per cent boost to revenue in its half-year results, while also posting a lower profit.
For the six months ended 30 September, the retailer posted a net profit of £1.6m, down from £2.1m a year earlier.
The firm, which made its debut on the London Stock Exchange earlier this autumn, reported revenue hot £37.5m, while cost of sales rose 84 per cent o £30.3m. Adjusted EBITDA rose to £3m from £2.9m.
Shares rose almost five per cent on Thursday morning.
CEO Mark Smithson said the admission to trading on AIM on 5 November was “a major milestone in our company history.”
He added: “We’ve worked closely with all our suppliers in order to ensure maintained inventory levels during the period, and have successfully coped with the continued surge in demand for our products. In a market with supply issues, this demonstrates the strength of our relationships with our suppliers and the agility of our business model in challenging times.”
Each employee had recieved £3,000 worth in shares, Smithson told CityA.M.
“It’s very meaningful to all these guys, it gets everybody engaged. They’re all owners of Marks Electrical now, they love it. It’s something to be proud of, to be part of something growing,” he explained.