AO posts strong full year revenue growth
Online electrical retailer AO has posted a 62% increase in revenue to £1.66 billion in the year to 31 March.
Sales on the retailer’s UK website climbed by 88% in its fourth quarter while its German business grew its full year sales by 77%. In addition, AO attracted over two million new customers in the year.
John Roberts, AO founder and chief executive said: “The last 12 months have been like no other and we have been very proud to rise to the challenges for our customers – keeping their lives powering on with essential electrical and technology products. We were brave and bold in our capacity and infrastructure investments early in the year and now look forward to building on that scale advantage.”
As a result of the full year performance, AO expects its group adjusted EBITDA to be in the range £63 million to £72 million compared to £19.6 milion in the previous year. AO said Government Covid-19 related support was either repaid or not claimed in the period so had no impact on profitability.
Looking ahead, Roberts said: “I expect that we will continue to be a double-digit growth business in the year ahead, even now as we lap the tough comparatives from last year with physical stores open. I look forward to providing more detail at our full year results in June.”
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