Home appliances firm weathers storm

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, 80pc 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 44pc in the year to the end of March, hitting a record £80.5m. But pretax profit had dropped from £7.2m to £6.4m. Shares, which listed last year at 110p each, fell 0.6pc, or 0.5p, to 91p.