AO first half revenues rise by 25%
Online electrical appliances retailer AO World has reported strong revenue growth in the first half of its financial year.
In the six months to 30 September, total revenue climbed by 25.1% to £217.1 million while adjusted EBITDA increased by 115% to £7.3 million.
While adjusted operating profit rose 134% to £5.5 million, reported operating profit dropped to £0.9 million from £2.4 million in the previous year as the retailer incurred set up costs relating to its entry into the German market.
AO chief executive John Roberts said: “UK growth was delivered at the same time as management resource was also focused on launching our proposition in Germany, which we achieved in October some six months earlier than promised. This launch has given us confidence in our ability to replicate our model overseas.
“We remain confident of meeting full year expectations and are well positioned as we move into our peak trading period.”
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