7th Dec 2015 09:57
LONDON (Alliance News) - Shares in online electrical appliances retailer AO World PLC surged on Monday morning after it revealed prominent fund manager Ruane, Cunniff & Goldfarb Inc has taken a 5.0% stake in the company.
The investment firm, which runs the Sequoia Fund, took a 5.4% stake in the company last week, according to a stock exchange filing Monday.
The investment came just over a week after AO World reported a swing to a first-half loss due to investments made in its German operation and start-up costs in other parts of Europe. In February, it issued a profit warning following a slowdown in sales in the fourth quarter of its financial year to the end of March, then missed those downgraded expectations in June, sending its share spiralling lower.
AO World shares were up 6.5% to 173.60 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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