15th Apr 2021 09:10
(Alliance News) - AO World PLC on Thursday said it delivered a "strong" performance across all aspects of its business due to "significant" increases in revenue.
The Bolton, England-based online household appliances retailer said full-year revenue has increased by 62% to reach GBP1.66 billion, with momentum continuing in the fourth quarter.
AO.com, the retailer's UK website, saw a 88% year-on-year revenue increase in the fourth quarter while its German website, AO.de, reported a 77% revenue rise from the previous year.
"Our German business achieved run rate profitability in the third quarter and is expected to generate profits in the current financial year," said AO World.
As a result of these increases, AO World said it expects full-year adjusted earnings before interest, tax, depreciation and amortisation in the range of GBP63 million and GBP72 million, in line with market consensus. The company's Ebitda for financial 2020 was GBP19.6 million.
"The last 12 months have been like no other and we have been very proud to rise to the challenges for our customers - keeping their lives powering on with essential electrical and technology products. I believe that these market dynamics will stick and, whilst there is inevitable uncertainty, the direction of travel is firmly with AO and the business model we have spent more than 20 years building," said Founder & Chief Executive John Roberts.
"I expect that we will continue to be a double-digit growth business in the year ahead, even now as we lap the tough comparatives from last year with physical stores open," added Roberts.
Shares in AO World were up 1.7% at 322.94 pence in London on Thursday, among the best performers in the FTSE 250.
By Zoe Wickens; [email protected]
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