AO losses narrow while revenue climbs by 23.8%
Online appliance retailer AO World saw its revenue increase by 23.8% to Â£476.7 million in the year to 31 March.
However, the company reported a pre-tax loss of £2.9 million compared to a loss of £7.6 million in the previous year after incurring costs relating to its European start-up operations and its long-term incentive plan.
AO website sales in the UK climbed by 32.9% to £381.5 million with total UK revenue up 22.3% to £470.8 million. The overall number of completed orders surged by 26.4% while UK repeat purchase levels continued to grow from 36% to 45%.
Meanwhile, UK adjusted EBITDA rose by 47.3% to £16.5 million.
John Roberts, AO chief executive, said: "AO is an exceptional business and I am very pleased with the achievements we have made over the year, particularly in Germany and with the successful introduction of the AV category to AO.com.
"Our long-term plan is on track and, despite missing our financial expectations for the year, we have continued to take market share in the UK MDA market delivering significant growth in UK sales and Adjusted EBITDA.
"Our customer proposition remains strong - our unbeatable prices, huge range and amazing service mean our customer satisfaction levels have remained exceptional and we will continue to focus on this in the year ahead.”
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