25th Feb 2015 07:55
LONDON (Alliance News) - FTSE 250-listed domestic appliances retailer AO World PLC on Wednesday said it expects its results for the year to be below market expectations following a weaker-than-anticipated fourth quarter for its UK business.
The company said its revenue growth year-on-year remains strong, but said it now expects its results for the financial year to the end of March to be slightly below market expectations due to weaker-than-expected revenue and earnings growth in its UK business.
AO World said it has found achieving sales in the fourth quarter to be difficult and said this has hurt its adjusted earnings. It said some of the revenue growth seen in the second half of its 2014 financial year and going into the 2015 year was "due to extra publicity surrounding the company at that time".
"AO has experienced tougher than expected trading conditions in the final quarter of the year, as compared to the fourth quarter in 2014. While we are disappointed that sales and profits are going to come in slightly below expectations, we remain committed to our market-leading, customer-focused business model," said AO World Chief Executive Officer John Roberts.
By Sam Unsted; [email protected]; @SamUAtAlliance
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