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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Marks Electrical Group Plc | MRK | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -1.41% | 70.00 | 08:00:29 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 70.00 | 70.00 | 71.50 | 70.00 | 71.00 |
| Industry Sector |
|---|
| HOUSEHOLD GOODS & HOME CONSTRUCTION |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 16/11/2023 | Interim | GBP | 0.003 | 30/11/2023 | 01/12/2023 | 22/12/2023 |
| 14/06/2023 | Final | GBP | 0.0066 | 13/07/2023 | 14/07/2023 | 17/08/2023 |
| 08/11/2022 | Interim | GBP | 0.003 | 01/12/2022 | 02/12/2022 | 23/12/2022 |
| 08/06/2022 | Final | GBP | 0.0067 | 14/07/2022 | 15/07/2022 | 18/08/2022 |
| Top Posts |
|---|
Posted at 18/4/2024 15:01 by debsdowner darrin,"I'm surprised MRK held up so well today. Sales growth crashed in Q4 to 2% " Yes that was the highlight to me. If they are that competitive sales should not have crashed as much imo. But big ticket items have slowed somewhat. There is another play here which could affect future performance ansd that is products are lasting longer due to a new europeam law. |
Posted at 16/4/2024 19:24 by darrin1471 I'm surprised MRK held up so well today.Sales growth crashed in Q4 to 2% Q4 2023 20% First 2 months of Q1 30%+ First 4 months of H1 30.7% H1 24.8% Q3 17.8% Q4 2% 31 March 2024 closing net cash position of £7.8m(ahead of lowered forecasts of £7.05m) Last year closing net cash position of GBP10.0m EBITDA of approximately £5.0m is inline with lowered forecasts but down from £7.5m last year Leaving Euronics "will lead to revenue and margin upside in the medium-term". But not the short term? Falling "average order value, resulting in customer order volumes growing faster than revenue. This impact will limit our ability for margin expansion in the short-term". No recovery in margin. Most of the above has already been priced in with previous trading updates. The 2% sales growth in Q4 has not. The p/e was better than many shares and could be justified by the growth prospects. With margins under pressure and now growth suffering the share price has to be at risk with little margin for error. I wonder if margin pressures in Q3 resulted in lower marketing spend, leading to lower growth. It will be interesting to hear what Mark has to say. In the short term it appears there may need to be a choice between margins and growth. I'm not currently holding MRK but will be watching closely for a re-entry point |
Posted at 16/11/2023 07:56 by edmonda "Market share gains and efficiency drive cash flow"Results confirm 24.8% sales growth to £53.9m in H1, and despite lower EBITDA margins, Marks Electrical converted 145% of operating profit into cash (vs. 118% for the whole of FY2023), enabling a 0.30p unchanged interim dividend. Margins, as expected, were reduced by the strategic decision to add integrated gas, electrical and television installation services to its next day delivery service, and increased wages for the company’s drivers. As a result, EBITDA margins were two percentage points lower than a year earlier at 4.3%. Importantly, gross product margins were almost unchanged – i.e. products were not discounted. Market share improvements in both Major Domestic Appliances (MDA) and Consumer Electronics (CE) demonstrates the success of the company’s strategy. In H1 MDA share rose to 2.9% from 2.4%, while CE share increased from 0.3% to 0.5%. For online only, the MDA share was 5.4% and CE 0.9%. Given the substantial headroom the company enjoys in terms of awareness and reach, that over 1 in 20 UK online MDA orders are already put through Marks Electrical appears impressive. Operating efficiency in terms of overhead costs improved in the six months. Inventory days reduced to 64 in FY2024H1 from 82 days a year earlier, and net cash rose by £0.9m to £10.9m in the past 6 months. The company generated a still impressive 37% return on capital employed in FY2024H1. With sustained robust sales growth, driven by consistent market share increases from an already meaningful level online and strong cash conversion, we retain our 150p fair value. Link to report: |
Posted at 23/10/2023 19:48 by darrin1471 Welcome aboard tiger.There is not much history to go on but margins do appear to be squeezed in H1. Twelve months ago MRK said H2 margins would be improved by "operating leverage during the peak trading period" and they did. This year they said "pressure to ease over H2 as we benefit from improved operating leverage during the peak trading period" Recent price fall may offer a buying opportunity but uptrend has been broken by the fall bellow the 50/100/200ma |
Posted at 12/10/2023 14:01 by kalai1 Marks Electrical Group plc issued a trading update for the HY ended 30th September this morning. H1 Group revenue was up by 24.8% to £53.9m. The Strategic decision to introduce the Group’s own installation service, combined with inflationary pressures in distribution costs impacted H1 margins, but this pressure is expected to ease over H2. The balance sheet remains strong with net cash of £10.9m. Valuation is average with forward PE ratio up to 17.7x, the share price also remains in a 12- month uptrend and has some positive momentum. The fragile macro environment is the main cloud, but there is a lot to like here, not least longer run growth potential. BUY......from WealthOracle |
Posted at 10/8/2023 07:48 by edmonda New research note post the AGM trading update here: Summary: Marks Electrical Group (MRK) released a trading update ahead of its AGM. The company enjoyed strong trading in the first four months of its FY2024 financial year as enhanced delivery options, sustained high service quality levels and more widespread brand awareness helped the company to over 30% sales revenue growth in the period, compared with nearly 14% a year earlier. With further benefits of strong cash conversion – consistent with a proposed 0.66p final FY2023 dividend – we reiterate our fair value of 150p for the shares. |
Posted at 10/8/2023 07:46 by darrin1471 AGM trading update for the four months ended 31 July 2023Highlights -- Strong trading period in the first four months of FY24 (April to July), with revenue growth of 30.7% to GBP36.2m (4 months FY23 GBP27.7m) -- Increased market share in Major Domestic Appliances ("MDA") from 2.4% in Q1-23 to 3.0% in Q1-24, with Marks Electrical share in the online segment of the market growing from 4.5% to 5.7%(1) -- Increased market share in Consumer Electronics ("CE") from 0.3% in Q1-23 to 0.6% in Q1-24, with Marks Electrical share in the online segment of the market growing from 0.6% to 1.0%(1) -- Strong performance across categories with a particular stand-out performance in televisions (+84%), washer-dryers (+83%), and cordless vacuum cleaners (+62%) -- Continued growth in next-day integrated, gas, electric and television installation services, with over 4,500 installation orders in the period, vs 1,500 in the prior year, a growth rate of 200% -- Investment in distribution centre, vehicles and processes, preparing us for peak autumn trading and our future growth ambitions -- Maintained industry leading Trustpilot score of 4.8 and reached over 50,000 reviews with 95% of those reviews being 4 and 5 star, demonstrating the strength of our best-in-class customer proposition -- Robust balance sheet and net cash position, supporting the proposed final dividend of 0.66p per share, subject to shareholder approval at today's AGM Mark Smithson, Chief Executive Officer, commented: "We've made a fast start to FY24 with revenue growth of over 30% against an MDA & CE market that is marginally down in the first months of our financial year. We've maintained our industry leading Trustpilot score of 4.8, and reached over 50,000 reviews on Trustpilot, which I am particularly proud of as it takes a combined effort from all our excellent team members, from sales ordering, through to picking, logistics, delivery, and customer aftercare, to deliver an exceptional customer service. Our focus and attention on growing our installation offering is enabling us to create a truly differentiated, market-leading proposition for customers, further enhancing the strengths of our operating model. We have been very encouraged by the take-up of this service, which is now available to over 65% of the UK population on a next-day basis, and are excited about its potential. Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market share gains as our brand awareness continues to grow. We've started August well and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our superior proposition and become the UK's leading premium electrical retailer." |
Posted at 03/7/2023 09:13 by darrin1471 Director BuyMRK FD Josh Egan buys 25,569 @ 98.537p Holding now 90,000. Josh's buy does not match up with any of the trades I can see on the LSE |
Posted at 14/6/2023 07:33 by edmonda Preliminary FY Results - "Built-in installations enhance growth outlook"Link to new research report: Marks Electrical’s preliminary FY2023 results confirmed the 21.5% sales growth and £7.5m EBITDA announced in the April trading update. The company generated £7.1m of free cash flow in FY2023 (vs. £5.7m a year earlier), to end the year with a £10.0m positive net cash balance. Moreover, sales gains were 30% in the first two months of the current financial year. An upgraded built-in installations programme represents an important addition to MRK’s service offering. This activity is now managed in-house and enables the company to install appliances into fitted areas within dwellings – notably kitchens – using a specially trained team of installers including gas safe registered engineers. Built-in installations suit MRK’s focus on premium branded products. MRK’s raised awareness levels were notable in London, where they increased from 12% to 22% between October 2022 and May 2023. Indeed, London now has the highest awareness rate for MRK in the UK, surpassing even the company’s East Midlands home region - a reinforced presence in the nation’s capital should be seen as a clear route to growth. The key drivers of MRK’s investment case remain in place (see our initiation report: "Lighting the touch paper"). However, the consistency of overall approach should not mask significant ongoing changes and continuing improvements within the group as it enlarges the business overall. MRK’s delivery against service level, brand awareness, growth and cash generation objectives are not currently reflected in MRK’s share price, in our view. As a result we maintain our 150p fair value which implies FY2024 EV/sales of 1.3x and 16.2x FY2024 EV/EBITDA based on our current forecasts. |
Posted at 21/8/2022 14:05 by darrin1471 I took a look at MRK last week. I read this thread, investor information and the online interviews with Mark and Josh.My thoughts, are a little jumbled Mark Smithson is an entrepreneur, a salesman and somebody who cares about his business. Not necessary somebody who I would want running a more complicated business. In FY22 MRK had 1.6% market share of a £5.3 billion major domestic appliances market (MDA)and they are targeting a 10% market share. John Lewis have a 15% market share. MRK are starting to sell into the £3b UK consumer electronics market (CE) and currently have a 0.21% market share. After rapid growth 2020 £31m 2021 £56m 2022 £80m growth is forecast to rise at more sustainable levels 2023 £94m 2024 £112m MRK are targeting £500m. Current warehouse site capacity is £250m MRK are not targeting the whole of the MDA market. MRK target the ABC1 customer with higher average selling prices and fewer after sales issues. Premium brands. Top 5 by sales are Bosch, Samsung, Rangemaster, Neff & LG. MRK do not sell own brands imported direct from China MRK are price competitive offering next day delivery from Newcastle to Exeter with a new biweekly delivery to Cornwall, Cumbria, Glasgow and Edinburgh. MRK USP is their next day delivery using their own vans from a single warehouse in Leicestershire. Long term expansion will not include multiple warehouse locations. Customer service is very important to Mark Smithson and results in a 4.8 Trustpilot score. A score he is very proud of and which MRK follows up on every negative review where possible. Current adjusted EBITDA of 9% is maintainable. FY22 adjusted eps 5.01p. Dividend 0.67p. "with the 0.67p being a typical two-third share of the annualised amount" "it is the Board’s intention to pursue a progressive dividend policy and target a pay-out ratio, being the annual total dividend per share divided by earnings per share for the year, of up to 20 per cent." IPO placed 27.3m at £1.10. Mark Smithson retains 73.6%. Octopus bought 3.9% and Canaccord took 5.24% leaving 18m in circulation which may result in an illiquid share and volatile movements if somebody wants to add/sell stock. Mark Smithson retains ownership of warehouse and it is leased to MRK for £600k pa for 52 months ending 30/09/2024 Mkt cap at IPO was £115m and is currently £71m IPO was well timed and valued as a company with good growth potential. 20% annual growth would be £250m year 5 and £500m year 9 Retail has been trashed ytd and MRK has followed the market. Group’s sales for the recent trading update. Revenue "first four months up 13.7% compared with the online MDA and CE markets being down over 20% in the first months of our FY23." More of the growth came from volume increases than price increases. "80% of Marks Electrical revenue is from distressed purchases" i.e. broken and needs replacing. Stock shortages eased from April/May. Peak prices reached. Offers now being given as manufacturers need to clear. Increased fuel costs not material. Other additional costs include NI, PLC costs and normal business rates environment. "lean keen business model" "not growth at all costs" Marketing budget is 5% of sales to improve sales and brand awareness. Suppliers for the first time are looking to share marketing costs with MRK. MRK brand awareness is still only 7%. Future costs of new larger semi automated warehouse could be a drain on cash. Competitor AO could improve customer service and delivery times. Retail stores can not compete with online costs. MRK sees inhouse IT as a competitive advantage but does this increase risk to cyber security. Part of buying group. |
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