AO World reports strong Q1 revenue increase
Online electricals retailer AO World has reported that the business has performed well in the first quarter of its financial year.
In a trading statement to be delivered at the company’s AGM today, it said UK AO branded sales grew by 29% year-on-year from 1 April to 30 June while total revenue climbed by 25%.
AO chairman Richard Rose said: “The business remains on track with its long-term strategic plan. Customer satisfaction continues to be exceptional in all of our territories, and development of the UK computing and German audio-visual categories progresses as we look forward to launching them for our customers later this year. Our brand awareness continues to grow, underpinned by our unique culture, values and proposition.”
The company said its progress in Europe had been “pleasing” with revenue in Euros up by 101% year-on-year. AO’s rollout in The Netherlands is continuing and it has now commenced deliveries from its regional distribution centre in Bergheim. Its expectations for the European business for the full year remain in line with previous guidance.
Rose added: “We are mindful of recent economic uncertainty following Brexit and its potential effect on consumer confidence and foreign exchange exposure of our suppliers but, despite this, our expectations for the UK business, over the whole financial year, remain unchanged.”
