Marks Electrical has upgraded its full-year profit guidance and appointed Philip Luke De Villanueva as its new CFO.

The the online electrical retailer said revenue for the year to 31 March 2027 was expected to be broadly in line with market expectations, while improved operational efficiencies, fixed-cost optimisation and product gross margins had driven stronger-than-expected profitability in the first half. Adjusted earnings are now expected to be ahead of market expectations and at least £3.75m for FY27.

De Villanueva, who joins the board on 1 December, is an ACCA-qualified finance professional with more than 15 years’ experience. He currently leads finance for Gamma Communications’ Enterprise Markets business and previously spent almost ten years at Balfour Beatty in divisional and group finance roles.

Current CFO Tom Pallatt will also step down from the board today, with audit chair Helen Flear overseeing the finance function until De Villanueva joins.

CEO 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.

"In addition, we are also very pleased to welcome Philip to Marks Electrical. His listed-company finance experience, commercial focus and track record across financial planning, governance, transactions and finance transformation will be valuable as we continue to develop the business."

The Leicester-based company’s shares, listed on London’s junior growth market, were up 7.9% at 49.10p in early morning trading.

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