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(Sharecast News) - Shares of Marks Electrical sparked on Wednesday after the online electrical retailer said full-year profit was set to be ahead of market expectations, and announced the appointment of a new chief financial officer.
The company said revenue for the year ending 31 March 2027 was set to be broadly in line with market expectations.
"Pleasingly, the continued focus on operational efficiencies and fixed cost optimisation, together with product gross margin improvements has resulted in stronger than expected profitability during the first six months of the year," it said. As a result, full-year adjusted earnings before interest, tax, depreciation and amortisation will be ahead of market expectations, at no less than £3.75m, it said.
Marks also announced the appointment of Philip Luke De Villanueva as CFO with effect from 1 December.
De Villanueva, an ACCA-qualified finance professional, currently leads the finance function for Gamma Communications' Enterprise Markets business unit. Prior to joining Gamma, he spent almost 10 years with Balfour Beatty in a range of divisional and group finance roles, progressing to a senior finance position with responsibility for the construction/defence South region.
Tom Pallatt will be stepping down from the board later on Wednesday.
Chief executive Mark Smithson said: "I am extremely pleased to be able to positively update the market on our performance and elevated profit expectations for FY27 ahead of our peak trading period, despite the significant cost inflationary headwinds that we continue to face, particularly within our fuel cost base.
"We continue to improve in all areas of the business that ultimately drive performance and I feel confident that with the people and resources we have put in place we are well placed to continue through our peak trading period."
At 0930 BST, the shares were up 7.9% at 49.10p.
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