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Marks Electrical has significantly increased its market share in MDAs, growing from 0.8% to 2.8% over five years, and in CEs from 0.1% to 0.5%. While the online penetration of these categories continues to expand, Marks Electrical is uniquely positioned with its pure-play e-commerce model and operational efficiencies to further capture share. The company’s brand awareness investment, marketing discipline, and industry-leading Trustpilot score (4.8/5) continue to enhance customer acquisition and loyalty.

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While rapid volume growth has come at the expense of lower ASPs (trading down), leading to higher distribution costs as a percentage of sales, management is now shifting focus to improving profitability.

Measures include optimizing the product mix towards higher-margin categories, transition over too the new ERP system with Microsoft Dynamics 365 away from its legacy Everest system of the last 20 years (which should create benefits of future automation and sophistication), and leveraging direct supplier relationships to secure better pricing. These actions aim to reverse the decline in EBITDA margins (from 9% in FY22 to c.3.5% expected in FY25) and drive sustainable earnings growth.

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Marks Electrical’s single-site warehouse in Leicester has the capacity to support sales of £250m+, meaning the business can scale without the need for heavy capital investment. The company’s strong balance sheet, with £6.7m net cash at HY 24, disciplined capital allocation, and efficient working capital management (98% cash conversion at HY24) provide financial flexibility to support future growth while maintaining a shareholder-friendly dividend policy.

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Margin Recovery Initiatives: The shift towards higher ASP products, implementation of delivery charges, and supplier cost negotiations should start reflecting in improved EBITDA margins. Additionally, automation within warehousing and logistics is expected to bring immediate efficiency gains.
Brand Awareness & Customer Retention: Marks Electrical continues to invest in marketing, allocating 4-5% of revenue to build customer loyalty. Improved post-purchase engagement, including follow-up services and warranties, is expected to drive higher repeat purchase rates.

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Expansion of Product Categories: Marks Electrical is looking to expand into small domestic appliances, smart home technology, and premium kitchen appliances. Growing its SKU count and exclusive product partnerships will increase customer lifetime value (LTV) and average order values.
Efficiency Gains from New ERP System: The integration of Microsoft Dynamics 365 will enable better inventory management, automated supply chain operations, and optimized financial planning, improving cost control and logistics efficiency across the business.

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Further Market Share Expansion: Marks Electrical has a significant runway to grow its presence in MDAs and CEs. As online penetration in these categories continues to rise, the company’s logistics and customer service strengths will allow it to gain additional market share from legacy players and traditional retailers.
Strategic Partnerships & Potential M&A: The company is open to forming partnerships with premium appliance brands, potentially offering exclusive distribution rights. Additionally, targeted acquisitions in complementary segments could allow Marks Electrical to expand its product portfolio and strengthen its competitive position.

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The post-pandemic shift towards lower-priced products has hurt Marks Electrical’s ASPs, reducing the ‘value on the van’ and increasing distribution costs as a percentage of revenue. While management is actively addressing this with a mix shift strategy, a prolonged period of weak UK consumer confidence could delay recovery.

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Marks Electrical has recently exited the Euronics UK buying group, establishing direct trading relationships with over 50 brand partners. Successfully navigating this transition and securing improved pricing agreements is crucial to achieving margin expansion.

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Management is implementing multiple strategies to enhance profitability, including optimizing product mix to focus on higher-margin items, introducing delivery fees to offset logistics costs, and negotiating better supplier terms now that it has transitioned away from the Euronics UK buying group. The company is also focusing on operational efficiencies, including cost reductions in warehousing and automation through its new ERP system, Microsoft Dynamics 365. Long-term, higher economies of scale and improved logistics efficiencies should further drive margin recovery.

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Marks Electrical currently holds less than 2% of the UK’s £7 billion combined major domestic appliances (MDA) and consumer electronics (CE) markets, presenting a significant growth opportunity. The market remains highly fragmented, with large incumbent retailers like AO, Currys, and John Lewis dominating but facing operational challenges. Marks Electrical’s superior logistics, competitive pricing, and high customer satisfaction ratings provide an edge. By expanding brand awareness, deepening supplier relationships, and leveraging its asset-light online model, the company is well-positioned to capture additional market share and scale further within these core categories.

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Marks Electrical’s vertically integrated model, with in-house logistics and next-day delivery, is a key differentiator. By maintaining control over its supply chain, the company ensures faster deliveries and better service than competitors reliant on third-party logistics. It is investing in further efficiency improvements, including route optimization software, additional fleet expansion, and customer service enhancements. Maintaining its industry-leading Trustpilot rating (4.8/5) remains a priority to reinforce customer confidence and brand loyalty.

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Consumer confidence and discretionary spending trends are important to Marks Electrical’s growth trajectory. Although the UK retail market has faced macroeconomic pressures, the company’s focus on price competitiveness and strong customer service provides resilience. Additionally, the majority of customers' MDA purchases are 'distressed purchases' (i.e a customer will usually prioritise replacing a broken fridge over discretionary spending) and thus the company naturally has some resilience to economic uncertainty. Also, the Company's brand awareness investments and targeted promotions should also support consistent sales volume despite broader economic uncertainty.

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Margin Recovery Initiatives: The shift towards higher ASP products, implementation of delivery charges, and supplier cost negotiations should start reflecting in improved EBITDA margins. Additionally, automation within warehousing and logistics is expected to bring immediate efficiency gains.
Brand Awareness & Customer Retention: Marks Electrical continues to invest in marketing, allocating 4-5% of revenue to build customer loyalty. Improved post-purchase engagement, including follow-up services and warranties, is expected to drive higher repeat purchase rates.

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Expansion of Product Categories: Marks Electrical is looking to expand into small domestic appliances, smart home technology, and premium kitchen appliances. Growing its SKU count and exclusive product partnerships will increase customer lifetime value (LTV) and average order values.
Efficiency Gains from New ERP System: The integration of Microsoft Dynamics 365 will enable better inventory management, automated supply chain operations, and optimized financial planning, improving cost control and logistics efficiency across the business.

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Strategic Partnerships & Potential M&A: The company is open to forming partnerships with premium appliance brands, potentially offering exclusive distribution rights. Additionally, targeted acquisitions in complementary segments could allow Marks Electrical to expand its product portfolio and strengthen its competitive position.

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Under Mark's leadership, the Group has developed into a fast growing online electrical retailer in the MDA market in the UK.

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Josh joined Marks Electrical as chief financial officer in 2021. Josh is an experienced finance professional with strong listed company experience, having held regional CFO, head of investor relations, and business development roles at Intertek Group plc and Inchcape plc. ~
Prior to this, Josh worked at Greenhill International & Co and before joining Greenhill, qualified as a Chartered Accountant with Ernst & Young.

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Marnie joined as independent Non-Executive Chair in 2021.Marnie is an experienced public company executive and Non-Executive Director, having previously acted as Chief Executive Officer of the AIM-listed Nichols plc from 2012 until 2020.Marnie is also currently a Non-Executive Director of Applied Nutrition Plc, a position she has held since May 2024

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Alyson joined as Non-Executive Director in 2021. Alyson has over 20 years’ experience in recruitment, internal communications, talent development and building employee engaged cultures. Alyson is the current Chief People Officer of fashion and homeware retailer Matalan, a role she has held since February 2024.Alyson has worked in senior positions in other dynamic, fast-paced retail businesses, including Sofology and Selfridges.

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