Marks Electrical 4Q Revenue Rose; Sees Increased Full-year Revenue

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By Joe Hope

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Marks Electrical Group PLC said Monday that revenue for the fourth quarter of fiscal 2022 rose 19% on year and that it expects to report that full-year revenue also grew significantly.

The online electrical retailer said revenue for the quarter ended March 31 was 20.7 million pounds ($27.0 million) compared with GBP17.4 million a year prior, boosted by strong momentum.

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Revenue increased by 44% to GBP80.5 million on a full-year basis, and the company said it expects to meet its full-year target of an adjusted earnings before interest, taxes, depreciation and amortization margin of 9%.

The company said it continues to make strong market-share gains in the major domestic appliance and television markets, and that it saw continued positive momentum throughout March, with an exit growth rate in the final month of more than 25% on-year.

“As we look forward to fiscal 2023, our trading momentum has continued during the start of April, setting us up well for our fiscal 2023 financial targets,” Chief Executive Officer Mark Smithson said.

Write to Joe Hoppe at [email protected]

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Credit: www.marketwatch.com /

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