(Alliance News) - 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 GBP97.8 million for the financial year that ended on March 31, up 22% from GBP80.6 million the year before.
Pretax profit increased by 71% to GBP6.4 million from GBP3.8 million, as operating profit rose by 63% to GBP5.9 million from GBP3.6 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 GBP7.5 million from GBP7.2 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.
By Xindi Wei, Alliance News reporter
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Marks Electric (MRK)