14th Jul 2020 09:06
(Alliance News) - Electrical goods retailer AO World PLC on Tuesday said it has benefited from a surge in online shopping, even as lockdown measures ease and high street stores reopen.
AO World's revenue in the year ended March 31 climbed 16% to GBP1.05 billion from GBP902.5 million. The Bolton-based online-only retailer reported a pretax profit of GBP1.5 million, swinging from a GBP20.2 million loss.
Although Covid-19 lockdowns were introduced shortly before its year-end, AO World still noted it made "significant market share gains".
AO added: "The products we sell are an essential part of people's lives and the electricals market migrated to nearly 100% online overnight.
"While demand remains strong, the recent reopening of the high street means that customers now have more options to purchase their appliances offline from stores. Although customers are able to return to bricks and mortar stores, initial data shows that since stores have reopened the online market has in fact continued to grow year-on-year."
AO World shares were 1.3% higher at 166.11 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
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