AO swings to half-year profit
Electricals retailer AO has posted a first half profit after revenue climbed by 53.2% to £717 million.
In the six months to 30 September, the company achieved a pre-tax profit £18.3 million compared to a loss of £5.9 million in the corresponding period in the prior year.
AO said in a statement that it experienced a strong increase in demand due to more customers choosing to buy electrical items online during the Covid-19 pandemic. This helped the company to make significant market share gains across many of its key categories.
John Roberts, AO founder and chief executive, said: “This has been a half year like no other. I believe our market has changed as a result, forever. Online is now the dominant retail channel for customers and manufacturers alike and I am delighted by how our AOers have risen to the challenge of this structural shift in behaviour.
“We have grown share across all categories and the results we’re announcing today give huge confidence that our business is well set for the future to cement the changes.”
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