Home appliances firm Marks Electrical weathers cost of living storm thanks to sales of essential items
Marks Electrical sells essential items like vacuum cleaners, fridges, ovens, washing machines
Marks Electrical has said it is well-placed to deal with the impact of the cost of living crisis because most of its goods are essential items.
The company, which sells vacuum cleaners, fridges, ovens, washing machines and dishwashers online, gets most of its money from ‘distressed purchases’ – customers buying products because they have to, not because they want to.
‘At present, 80 per cent of our revenues come from distressed purchases, providing the group with a defendable position during a cost of living crisis,’ it said, as it promised to also look after staff.
Chief executive Mark Smithson said: ‘We continue to monitor pay structures and the cost of living to ensure employees are well-rewarded for their hard work.’
Revenue grew by 44 per cent in the year to the end of March, hitting a record £80.5million.
But pre-tax profit had dropped from £7.2million to £6.4million. Shares, which listed last year at 110p each, fell 0.6 per cent, or 0.5p, to 91p.