Marks Electrical Grp - FY25 Results
25/06/2025 07:00
RNS Number : 2720O
Marks Electrical Group plc
25 June 2025
Marks Electrical Group plc
Annual financial results for the year ended 31 March 2025
FY25 performance in line, continued delivery, strategic and operational progress, well positioned for year ahead
Marks Electrical Group plc ("Marks Electrical" or "the Group"), the online electrical retailer, today announces its full year audited results for the 12 months ended 31 March 2025 ("the year" or "FY25").
Financial highlights
· Record full-year revenue of £117.2m (FY24: £114.3m), with 2.6% year-on-year growth, despite a highly competitive backdrop.
· Adjusted EBITDA(1) of £4.2m (FY24: £5.0m) as previously guided. Rapid growth in consumer electronics sales negatively impacted margin mix, offset by carefully controlled marketing and overhead costs.
· Adjusted EPS of 1.54p(2) (FY24: 2.45p), statutory loss per share of 1.38p (FY24: 0.41p).
· Strong closing net cash(3) position of £8.8m (FY24: £7.8m). Improvement in working capital and tight control of capital expenditure.
· Proposed final dividend of 0.66p per share, leading to a total FY25 dividend payout of 0.96p (FY24: 0.96p). The dividend payout reflects the Group's strong, debt-free balance sheet and confidence in its future growth prospects.
Operational highlights
· Broadly maintained position in Major Domestic Appliances ("MDA") market share in FY25 of 2.7% (FY24: 2.8%)(4).
· Strong growth in Consumer Electronics ("CE") market share to 0.7%(4) in FY25 (FY24: 0.5%).
· The new enterprise resource planning ("ERP") system Microsoft Dynamics 365 ("D365") is now fully operational across the business, supporting the technological advancement in moving to a cloud-based platform. This will enable the business to drive operational efficiencies.
· Despite the strategic changes made throughout the year which impacted operations, our dedicated teams remained resilient and maintained an outstanding Trustpilot rating of 4.8, now based on over 100,000 reviews, demonstrating the enduring strengths of our differentiated and popular customer proposition.
Current trading and outlook
· As announced in our pre close in April 2025, we had a strategic objective of re-focusing on the premium segment to improve unit economics and profitability. Our decision to move away from entry-priced products led to lower revenue during Q1-FY26 but this was expected given the strong growth we experienced in Q1-FY25. As we look ahead to the remainder of FY26, we anticipate improving revenue growth and higher gross margin than prior year, enabling us to reiterate our full year guidance.
Following the recent announcement that Josh Egan, the Group's current CFO, is leaving the business, the Board are pleased to announce that Dipesh Mistry will be appointed as Interim CFO. Dipesh is a qualified accountant and has a strong financial background having previously been a senior manager at Deloitte. He has been with Marks Electrical for the last two years, firstly leading the system implementation of D365, and more recently as Head of Operations. Josh will complete a comprehensive handover during the coming months and as outlined previously, a process to appoint a full time successor is underway, and an announcement will be made in due course.
Mark Smithson, Chief Executive Officer, commented:
"During a challenging year for the Group and in a market where consumers continue to remain price conscious, I am proud of the strategic and operational progress we have made.
Our ERP implementation brought minor disruption to the business during the cutover period, however, the transition has been successful and our teams have quickly embraced this transformational change. This has been a significant, long-term strategic investment for the business, which will allow automation of process improvements to make our operations more efficient at scale, and enable us to deliver growth, profitability and value for all our stakeholders.
As outlined previously, we expected our pivot back to a premium focused operating model to have an impact on the speed of our revenue growth. We initiated this change in late FY25, and the impact of this shift away from entry-priced products has led to lower sales in Q1 against a strong comparative in the prior year, which also impacted operating leverage. However, as we focus on the right product hierarchy and sales channels, we expect this to have longer-term benefits on unit economics, and as comparables ease in later quarters we expect a return to revenue growth during FY26.
Over the past couple of years we have invested in our operations to position Marks Electrical for long-term success. At the same time, we have continued to deliver profitable market share growth, strong cash flow generation and consistent returns in the form of dividends to shareholders thanks to our ability to allocate capital with discipline. Our relentless approach to providing exceptional customer service continues to be our core focus and we remain committed to becoming the UK's leading premium electrical retailer."
Notes
(1) Adjusted EBITDA is a non-statutory measure defined as earnings before interest, tax, depreciation, and amortisation and adjusted for non-underlying items, share-based payment charges and buying group rebates receivable.
(2) Adjusted EPS is a non-statutory measure of profit after tax, adjusted for non-underlying items (ERP implementation costs), share-based payment charges and buying group rebates receivable, over the total diluted ordinary number of shares in issue.
(3) Net cash represents cash and cash equivalents less financial liabilities (excluding lease liabilities).
(4) Based on the Group's analysis of GfK Market Intelligence sales tracking GB data, Major Domestic Appliances and Consumer Electronics.
Publication of Annual Report and Accounts
The Annual Report and Accounts for the year ended 31 March 2025, which includes the Group's FY25 audited financial statements, is now available on the Marks Electrical corporate website at https://group.markselectrical.co.uk.
Notice of 2025 Annual General Meeting
Marks Electrical is also pleased to announce that the notice of its 2025 annual general meeting ("AGM") is available to view on the Marks Electrical corporate website at https://group.markselectrical.co.uk. The AGM will take place at 2:00 pm on Thursday, 7 August 2025, at the registered office at 4 Boston Road, Leicester, LE4 1AU.
If you plan to attend the AGM, we would be grateful if you could inform us by emailing the Secretary no later than closed of business on Tuesday, 5 August 2025, at MRK.cosec@jtcgroup.com. Shareholders are encouraged to vote on the resolutions to be put to the AGM by proxy whether or not they intend to attend and should do so before the deadline of 2:00 pm on Tuesday, 5 August 2025. Details on how to vote at the AGM are set out in the Notice of AGM.
For those shareholders who have elected to receive hardcopies of the Annual Report and Accounts and Notice of AGM, these will be posted to you as soon as practical.
Enquiries:
Marks Electrical Group plc Via DGA Group:
Mark Smithson (CEO) Tel: +44 (0)20 7664 5095
Josh Egan (CFO)
DGA Group (Financial PR)
Jonathon Brill / James Styles / Nishad Sanzagiri Tel: +44 (0)20 7664 5095
markselectrical@dentonsglobaladvisors.com
Canaccord Genuity (NOMAD and Broker)
Max Hartley / George Grainger Tel: +44 (0)20 7886 2500
About Marks Electrical
Marks Electrical is a highly scalable, technology driven e-commerce electrical retailer which sells, delivers, installs and recycles a wide range of household electrical products. The Group was founded in Leicester in 1987 by Mark Smithson and has scaled into a nationwide online retailer with a compelling growth track record, thanks to its vertically integrated, low-cost, high-quality operating model, supported by the ongoing structural shift of consumers to purchase online. The Group operates within the UK Major Domestic Appliances (MDA) and Consumer Electronics (CE) market, estimated to be worth approximately £7 billion.
Primarily through its simple, clear and intuitive website - markselectrical.co.uk - the Group offers over 4,500 products from over 50 leading brands across its main product categories, which include Cooking, Refrigeration, Washers & Dryers, Dishwashers and Audio-Visual. These products are sourced from UK distributors of the brands, with whom the Group maintains strong and direct relationships. Marks Electrical delivers direct to customers in its owned and branded vehicles, operated by the Group's skilled team of delivery drivers, who are also able to offer installation and recycling services.
For further information, visit the Marks Electrical corporate website: https://group.markselectrical.co.uk and its retail website: https://markselectrical.co.uk/.
Group Chief Executive Officer's review
FY25 was a period of significant strategic change for the business:
• We successfully implemented our new business-wide, Enterprise Resource Planning ("ERP") system, D365, which replaced our legacy Everest platform; and
• We exited the Euronics buying group as a full member, and established new trading relationships with over 50 brand partners.
Despite these major structural changes for both the commercial and operational teams, we continued to drive revenue growth, albeit not at the pace we have achieved in prior years. For the full year, we achieved £117.2m revenue, which was up 2.6%. Our cash position improved year-on-year, and we generated an adjusted EBITDA of £4.2m at 3.6% margin, which was lower than we set out to achieve, but positive in light of the significant changes made across the business throughout the year. Whilst we can mark this down as a year of change, we need to harness the enduring benefits that these milestones will bring to the business, and improve both revenue growth and profitability in the years ahead. We anticipate that in the long-term our decision to exit the Euronics buying group will improve gross margin.
Our objective throughout the year was to maintain stability whilst undertaking the significant operational changes of leaving the buying group and implementing the new ERP system, measures that have ensured the business is better positioned for long-term success.
Over the past two years, consumers have been highly price-conscious, which, given our premium focus, continues to have an impact on our average order value, resulting in customer order volumes growing faster than revenue. For the full year, we saw order unit growth of over 8% versus a revenue growth of 2.6%, demonstrating the ongoing consumer preference for more entry-priced products. This impact diluted our margin, when taking into account the relatively fixed cost of delivery.
As we look ahead, our objective will be to pivot back to premium products and enhance the unit economics of each delivery, in order to start improving profitability from current levels, ultimately enabling the Group to deliver long-term value creation and position us as the UK's leading premium electrical retailer. Delivering premium products alongside exceptional customer service is what we do best and is where personally we will refocus our efforts in the year ahead.
Market share - a small share of a big opportunity
We are predominantly focused on the MDA market but have also been rapidly expanding our footprint in the CE market, primarily in the television category.
During the year, the MDA market was up by a mere 1.4% in value terms, with the CE market growing by 1.1%. Both markets saw marked declines in their average unit prices, with volume growth outstripping value growth. During this period, we saw minor reductions in our MDA market share from 2.8% to 2.7% and grew our CE market share from 0.5% to 0.7%.
Whilst our market share growth in MDA has not been as strong as in prior periods, due to the lower average order values and significant strategic change we have been undergoing, we continued to acquire customers and grow the brand awareness of Marks Electrical, a key pillar of our strategy. Furthermore, the excellent growth we saw in CE added additional customers that were either returning to, or experiencing Marks Electrical for the first time.
Our tiny share of the £7bn MDA and CE market, with significant scope for market share gains underpins our strategy for driving brand awareness in the years ahead.
Our strategy for growth
Our strategic approach is very clear - we put the customer at the heart of everything we do and have four key elements to our strategy for growth:
Customer proposition
Our operating model continues to be unique across the MDA sector in that we consistently offer next-day delivery for in-stock items, throughout our wide range of products, to over 90% of the UK population. In addition, our installation service offering provides customers with the ability to add integrated, gas, electric and television installation services to their order, which can be carried out within a rapid time frame.
This proposition centres around the vertical integration of our delivery model, with our own fleet, employed drivers and installers, in-house training academy, and our centralised single-site distribution centre, maximising efficiency and service quality.
During the period, we made further advancements in developing our customer proposition, including:
• Further training in our ME Academy, our leading in-house product installation facility for driver, installer and customer service training;
• Further developed our website to continually improve the customer journey.
Brand awareness
A key to our success is to grow our brand awareness.
Due to our focus on the structural changes of leaving the buying group and implementing the new ERP system, we carried out fewer brand awareness initiatives during the period. This in turn will have impacted our slower than usual revenue growth rate at 2.6%, versus double-digit in the prior years.
The locations in which we carried out smaller scale brand awareness activities saw elevated order growth in key geographies, demonstrating the efficiency and impact of our marketing capabilities. Furthermore, we also spent significant time developing our relationships with our brand partners' marketing teams, in order to offer them innovative opportunities to advertise with us going forward.
Whilst we are proud of the progress we have made, we also recognise that there is significant opportunity for further brand awareness growth, as more people across the UK come into contact with our brand for the first time and this will inevitably drive faster revenue growth.
Operational capacity
Across the four pillars of our strategy, operational capacity is one that was in significant focus in FY24 as we invested materially in our warehouse capabilities and fleet size. In FY25, this activity has been centred around technology and the replacement of our legacy ERP system.
Following our significant expenditure of £5.6m on the project, through FY24 and FY25, we successfully went live in September 2024 and whilst we faced a number of inevitable teething issues, we are proud to report that the move across to the new system was a success and is powering the Company across our business operations.
We see significant scope for further technology enhancements, enabling us to improve our level of automation and sophistication, both improving the customer journey and operational leverage. Already, in just a few months, we have implemented new processes that save valuable time and drive efficiency.
We continue to believe that investing across our business in people, processes and equipment will ensure that we retain talent and provide them with the best tools to provide customers with a market-leading experience.
Financial performance
Our performance in terms of profitability in FY25 was lower due to two major factors:
• Significant growth in CE versus MDA creating a negative margin mix effect; and
• The trade down from consumers, which impacted the business, given the premium weighting of our product offering. This impact has been market driven but has been particularly exacerbated in our business and impacts the distribution cost of delivery.
Despite this, we continued to deliver volume growth in excess of 8%, revenue growth of 2.6%, remained profitable at 3.6% adjusted EBITDA margin and retained a healthy net cash position of £8.8m, with £5.7m of underlying free cash flow.
We maintained our dividend of £1.0m, despite our lower profitability, cementing the confidence we have in the future direction of the business, and also bought back £0.3m shares into an employee benefit trust, to prevent the dilutive impact of future share options.
As we look forward, we aim to pivot the business back towards premium products, improving the Group's underlying unit economics. This will drive margin improvements in the years ahead and be a contributing factor in our strengthening net cash position.
Our Return On Capital Employed("ROCE") remains strong at 16% and we believe this combination of profitable market share growth, high return on capital and dividend income, with a disciplined capital allocation policy, provides a compelling proposition to drive attractive long-term shareholder returns and despite lower profitability in the current year, we are focused on driving improvements in FY26 and beyond.
Outlook - focused on delivering profitable market share growth
Whilst FY25 was a year of strategic investment and change, with multiple significant operational developments impacting performance, we are still growing volume and revenue, gaining market share, and continue to generate material cash to support further growth and returns to shareholders. This is all being achieved whilst providing excellent customer service against a highly competitive back-drop.
Looking beyond FY25, we will also harness our disciplined approach to cost control to best manage the significant increases brought about by the more recently announced rises to employer National Insurance and the National Minimum Wage, following the UK Government's Autumn Budget. We estimate the changes to cost the business in the region of £0.75m per annum, and will be taking action where possible to mitigate this impact.
As momentum continues to develop and our brand awareness increases, our focus on operational excellence supported by technology and cash flow generation provides us with a robust platform to generate continued profitable market share growth and become the UK's leading premium electrical retailer.
Mark Smithson
Chief Executive Officer
Financial review
During the year, the Group made significant strategic progress, with both the exit from Euronics buying group and the implementation and cut over to D365 being major strategic milestones. Whilst these developments are critical for the long-term success of the business, the sales growth was impacted by the focus that the team had to apply to these projects.
Volume growth was strong during the year, with MDA volume growth in excess of 5% and CE volume growth in excess of 50%. With revenue growth of 2.6%, there was a material decline in average order value of 7.9% with market share in MDA remaining broadly flat and growing by 20bps in CE.
The growth we experienced in CE impacted the margin mix, as CE typically trades at a lower gross margin than MDA. This impact has led to a decline in gross profit margin year on year from 25.4% to 24.4%. With this decline occurring, we have sought to mitigate the impact where possible by maintaining a tight control on costs across the business throughout the year, but have been additionally challenged by the drop in average order value impacting the efficiency of distribution costs.
Throughout the year, we have also ensured that cash flow is managed very closely to maximise the cash conversion opportunity, despite lower profitability. The tight control on working capital, combined with lower capex has allowed us to drive a strong underlying free cash flow which in-part has been invested in our system replacement, and has allowed us to increase our closing net cash position by £1.0m year-on-year, to £8.8m. At the end of the year, our net asset poistion was £11.3m.
The Group's statutory revenue for the year was £117.2m, up 2.6% from £114.3m in 2024. Gross profit for the year was £28.6m, down 1.4% from £29.0m in 2024, with a gross margin of 24.4%, down 100 bps from 2024. The key driver of the fall in gross margin was a mix shift in favour of CE, which typically trades at a lower margin than MDA.
Statutory operating loss was £1.7m, down from £0.5m operating profit in 2024. The primary reason for the decrease in operating profit was due to the lower trading profitability as well as the impact of the cost incurred to replace our legacy enterprise resourcing planning system with D365 and the associated fees incurred.
Statutory loss before tax was £1.7m driven by the exceptional costs referenced above, as well as the weaker trading profitability.
| Statutory measures | Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %/bps | |
| Revenue | 117,181 | 114,262 | 2.6% | |
| Gross profit | 28,616 | 29,032 | (1.4)% | |
| Gross profit margin | 24.4% | 25.4% | (100)bps | |
| Operating (loss)/profit | (1,741) | 488 | (456.8)% | |
| Operating (loss)/profit margin | (1.5)% | 0.4% | (190)bps | |
| (Loss)/profit before tax | (1,710) | 616 | (377.6)% | |
| (Loss)/profit before tax margin | (1.5)% | 0.5% | (200)bps | |
| (Loss)/profit after tax | (1,444) | 427 | (438.2)% | |
| (Loss)/profit after tax margin | (1.2)% | 0.4% | (160)bps |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %*/BPS | ||
| Revenue | 117,181 | 114,262 | 2.6% | |
| Cost of Sales | (88,565) | (85,230) | 3.9% | |
| Gross product profit | 28,616 | 29,032 | (1.4)% | |
| Gross product margin | 24.4% | 25.4% | (100)bps |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %*/BPS | ||
| Revenue | 117,181 | 114,262 | 2.6% | |
| Distribution costs | (11,490) | (11,089) | 3.6% | |
| Distribution costs as % of revenue | 9.8% | 9.7% | 10bps |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %*/BPS | ||
| Revenue | 117,181 | 114,262 | 2.6% | |
| Advertising costs | (5,801) | (5,754) | 0.8% | |
| Advertising costs as % of revenue | 5.0% | 5.0% | 0bps |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %*/BPS | ||
| Revenue | 117,181 | 114,262 | 2.6% | |
| Other operating expenses (excluding depreciation) | (7,349) | (6,827) | 7.6% | |
| Other operating expenses as % of revenue | 6.3% | 6.0% | 30bps |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %*/BPS | ||
| Statutory (loss)/profit after tax | (1,444) | 427 | (438.2)% | |
| Add back: | ||||
| ERP costs net of tax | 2,179 | 2,045 | 6.6% | |
| Underlying profit after tax | 735 | 2,472 | (70.3)% | |
| Add back: | ||||
| Underlying tax charge | 460 | 871 | (47.2)% | |
| Underlying profit before tax | 1,195 | 3,343 | (64.3)% | |
| Add back: | ||||
| Finance costs | 186 | 39 | 376.9% | |
| Finance income | (217) | (167) | 29.9% | |
| Share based payment | 713 | 362 | 97.0% | |
| Buying group rebates | 249 | (357) | (169.7)% | |
| Adjusted EBIT | 2,126 | 3,220 | (34.0)% | |
| Depreciation and loss on disposal of fixed assets | 2,100 | 1,787 | 17.5% | |
| Adjusted EBITDA | 4,226 | 5,007 | (15.6)% | |
| Adjusted EBITDA margin | 3.6% | 4.4% | (80)bps |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %*/BPS | ||
| (Loss)/profit for financial year | (1,444) | 427 | (438.2)% | |
| Statutory EPS | (1.38)p | 0.41p | (436.6)% | |
| Add back: | ||||
| ERP costs net of tax | 2,179 | 2,045 | 6.6% | |
| Underlying profit for the year | 735 | 2,472 | (70.3)% | |
| Charges relating to share-based payments net of tax | 631 | 365 | 72.9% | |
| Buying group rebate net of tax | 249 | (268) | (192.9)% | |
| Adjusted profit for earnings per share | 1,615 | 2,569 | (37.1)% | |
| Fully diluted number of ordinary shares | 104,949 | 104,949 | 0.0% | |
| Adjusted EPS | 1.54p | 2.45p | (37.1)% |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | Change %*/BPS | ||
| Underlying profit before tax | 1,195 | 3,343 | (64.3)% | |
| Add back: | ||||
| Finance costs | 186 | 39 | 376.9% | |
| Finance income | (217) | (167) | 29.9% | |
| Loss on disposal of fixed assets | 21 | 71 | (70.4)% | |
| Depreciation and amortisation | 2,079 | 1,716 | 21.2% | |
| Share based payment expense and exceptional emoluments | 713 | 362 | 97.0% | |
| Buying group rebates | 249 | (357) | (169.7)% | |
| (Increase)/decrease in inventories | (3,903) | 1,185 | (429.4)% | |
| Decrease/(Increase) in receivables | 1,518 | (3,535) | (142.9)% | |
| Increase in payables | 5,047 | 2,101 | 140.2% | |
| Exceptional WC adjustments | (178) | (248) | (28.2)% | |
| Adjusted cash flow from operating activities | 6,710 | 4,510 | 48.8% | |
| Less: | ||||
| Outflows for lease payments | (1,104) | (948) | 16.5% | |
| Operating cash flow for conversion | 5,606 | 3,562 | 57.4% | |
| Operating cash conversion | 133% | 71% | 6,200bps | |
| Other investing activities | (223) | (1,925) | (88.4)% | |
| Tax received/(paid) | 495 | (743) | (166.6)% | |
| Interest (paid) | (191) | (42) | 354.8% | |
| Underlying free cash flow | 5,687 | 852 | 567.5% |
| Notes | Year ended 31 March 2025 Underlying £000 | Year ended 31 March 2025 Non-underlying £000 | Year ended 31 March 2025 Statutory £000 | Year ended 31 March 2024 Statutory £000 | |
| Revenue | 117,181 | - | 117,181 | 114,262 | |
| Cost of Sales | (88,565) | - | (88,565) | (85,230) | |
| Gross profit | 28,616 | - | 28,616 | 29,032 | |
| Distribution costs | (11,490) | - | (11,490) | (11,089) | |
| Administrative expenses | (15,962) | (2,905) | (18,867) | (17,455) | |
| Operating profit/(loss) | 1,164 | (2,905) | (1,741) | 488 | |
| Finance income | 217 | - | 217 | 167 | |
| Finance expenses | (186) | - | (186) | (39) | |
| Profit/(loss) before income tax | 1,195 | (2,905) | (1,710) | 616 | |
| Tax on profit/(loss) | (460) | 726 | 266 | (189) | |
| Profit/(loss) for the financial year | 735 | (2,179) | (1,444) | 427 | |
| Total comprehensive income/(expense) for the period | 735 | (2,179) | (1,444) | 427 | |
| Earnings per share | 3 | ||||
| Statutory basic and diluted earnings per share | (1.38)p | 0.41p |
| Notes | Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 2,010 | 2,671 | |
| Right-of-use assets | 2,416 | 1,152 | |
| Trade and other receivables | 204 | 71 | |
| 4,630 | 3,894 | ||
| Current assets | |||
| Inventories | 16,918 | 13,015 | |
| Trade and other receivables | 7,521 | 9,172 | |
| Current tax assets | - | 461 | |
| Cash and cash equivalents | 8,807 | 7,817 | |
| 33,246 | 30,465 | ||
| Total assets | 37,876 | 34,359 | |
| Liabilities | |||
| Current liabilities | |||
| Trade and other payables | 23,407 | 18,501 | |
| Lease liabilities | 993 | 621 | |
| Current tax liabilities | 336 | - | |
| 24,736 | 19,122 | ||
| Non-current liabilities | |||
| Lease liabilities | 1,457 | 534 | |
| Deferred tax liabilities | 423 | 991 | |
| Total liabilities | 26,616 | 20,647 | |
| Net assets | 11,260 | 13,712 | |
| Shareholders' equity | |||
| Called up share capital | 7 | 1,049 | 1,049 |
| Share premium | 7 | 4,818 | 4,815 |
| Treasury shares | 7 | (296) | (3) |
| Merger reserve | 7 | (100,000) | (100,000) |
| Retained earnings | 7 | 105,689 | 107,851 |
| Total equity shareholders' funds | 11,260 | 13,712 |
| Notes | Called up share capital £000 | Share premium £000 | Treasury shares £000 | Merger reserve £000 | Retained earnings £000 | Total shareholders' equity £000 | ||
| At 01 April 2023 | 1,049 | 4,694 | (4) | (100,000) | 108,085 | 13,824 | ||
| Total comprehensive income for the year | - | - | - | - | 427 | 427 | ||
| Contributions by and distributions to owners: | ||||||||
| -Dividends paid | 6 | - | - | - | - | (1,007) | (1,007) | |
| -Share options and LTIP charge | - | - | - | - | 346 | 346 | ||
| -Sale of treasury shares | - | 121 | 1 | - | - | 122 | ||
| At 31 March 2024 | 1,049 | 4,815 | (3) | (100,000) | 107,851 | 13,712 | ||
| Total comprehensive expense for the year | - | - | - | - | (1,444) | (1,444) | ||
| Contributions by and distributions to owners: | ||||||||
| -Dividends paid | 6 | - | - | - | - | (1,004) | (1,004) | |
| -Share options and LTIP charge | - | - | - | - | 328 | 328 | ||
| -Issue of shares to employees | - | - | 42 | - | (42) | - | ||
| -Purchase of treasury shares | - | - | (335) | - | - | (335) | ||
| -Sale of treasury shares | 7 | - | 3 | - | - | - | 3 | |
| At 31 March 2025 | 1,049 | 4,818 | (296) | (100,000) | 105,689 | 11,260 | ||
| Notes | Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | |
| Cash flows from operating activities | |||
| (Loss)/profit for the year | (1,444) | 427 | |
| Adjustments for non-cash items: | |||
| Depreciation of property, plant and equipment | 921 | 758 | |
| Depreciation of right-of-use assets | 1,158 | 958 | |
| Loss on disposal of property, plant and equipment | 21 | 71 | |
| Share-based payment expense | 328 | 362 | |
| Interest income | (217) | (167) | |
| Interest expense | 186 | 39 | |
| Taxation (credited)/charged | (266) | 189 | |
| Movements in working capital: | |||
| (Increase)/decrease in inventories | (3,903) | 1,185 | |
| Decrease/(increase) in receivables | 1,518 | (3,535) | |
| Increase in payables | 5,047 | 2,101 | |
| Cash flow generated from operations | 3,349 | 2,388 | |
| Corporation tax received/(paid) | 495 | (743) | |
| Net cash flow generated from operations | 3,844 | 1,645 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | (437) | (2,023) | |
| Deposits on right-of-use assets | (154) | (144) | |
| Proceeds from sale of property, plant and equipment | 135 | 52 | |
| Proceeds from sale of right-of-assets | 21 | 33 | |
| Interest received | 212 | 157 | |
| Net cash used by investing activities | (223) | (1,925) | |
| Cash flows from financing activities | |||
| Interest paid on loan | (61) | ||
| Sale of shares | 7 | 3 | 122 |
| Purchase of shares | (335) | ||
| Repayment of borrowings | (10,500) | ||
| Drawdown of borrowings | 10,500 | ||
| Interest paid on lease liabilities | (130) | (42) | |
| Principal repayment of lease liabilities | (1,104) | (948) | |
| Equity dividends paid | 6 | (1,004) | (1,007) |
| Net cash used by financing activities | (2,631) | (1,875) | |
| Net increase/(decrease) in cash and cash equivalents | 990 | (2,155) | |
| Cash and cash equivalents at the beginning of the year | 7,817 | 9,972 | |
| Cash and cash equivalents at the end of the year | 8,807 | 7,817 |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | ||
| Statutory earnings | (1,444) | 427 |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | ||
| Basic weighted average number of shares | 104,949,050 | 104,949,050 | |
| Dilutive effect of share options and awards | - | - | |
| Diluted weighted average number of shares | 104,949,050 | 104,949,050 |
| Year ended 31 March 2025 | Year ended 31 March 2024 | ||
| Statutory earnings | |||
| Basic statutory earnings per share | (1.38)p | 0.41p | |
| Diluted statutory earnings per share | (1.38)p | 0.41p | |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | ||
| Statutory earnings | (1,444) | 427 | |
| Add: | |||
| Non underlying net of tax | 2,179 | 2,045 | |
| Share based payments net of tax | 631 | 365 | |
| Less: | |||
| Buying group rebate | 249 | (268) | |
| Adjusted earnings | 1,615 | 2,569 |
| Year ended 31 March 2025 | Year ended 31 March 2024 | ||
| Basic weighted average number of shares | 104,949,050 | 104,949,050 | |
| Dilutive effect of share options and awards | - | - | |
| Diluted weighted average number of shares | 104,949,050 | 104,949,050 |
| Year ended 31 March 2025 | Year ended 31 March 2024 | ||
| Adjusted earnings | |||
| Basic adjusted earnings per share | 1.54p | 2.45p | |
| Diluted adjusted earnings per share | 1.54p | 2.45p |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | |
| Dividends paid during the year: | ||
| Final dividend for 2024: 0.66p (2023: 0.66p) | 693 | 692 |
| Interim dividend for 2025: 0.30p (2024: 0.30p) | 311 | 315 |
| Dividends paid | 1,004 | 1,007 |
| Final dividend for 2025 (1) : 0.66p (2024: 0.66p) | 689 | 693 |
| Allotted, called up and fully paid | At 31 March 2025 £ | At 31 March 2025 Number | At 31 March 2024 £ | At 31 March 2024 Number |
| Ordinary shares of £0.01 each | 104,949,050 | 1,049,491 | 104,949,050 | 1,049,491 |
| 104,949,050 | 1,049,491 | 104,949,050 | 1,049,491 |
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