17th Jul 2014 07:54
LONDON (Alliance News) - AO World PLC said Thursday that trading in the three months to June 30 was in line with board expectations as like-for-like sales jumped 30% on the previous year.
In a statement released ahead of its annual general meeting Thursday the online electrical appliance retailer said that trading during the period has met expectations as it continues to focus on its "Broaden" strategy.
AO World said that its financial position and trading remains strong with the financial year to date performing in line with the company's expectations, boosted by the 30% rise in like-for-like sales on the comparative period in 2013.
Following AO.com's introduction to the TV category in May, AO World has been working on its customer proposition and presence in this market. The company moved into the television and audio-visual market, launching the new products on its website ahead of the football World Cup, in the hope of customers upgrading their TVs for larger screens in high-definition quality to watch the football.
"Similarly we continue to make excellent progress in preparing for the launch of ao.de in Germany this financial year and have recently secured office and warehouse premises in the Cologne area, and have been recruiting, inducting and training German staff for our operation there," said Chairman Richard Rose in the statement.
AO World listed in London at the end of February, the company said in June that it is planning a big expansion into Europe, starting in Germany and then into neighbouring countries like the Netherlands and Belgium. Its growth ambitions don't stop there - Austria, Switzerland and France have also been earmarked as possible targets.
AO World will replicate its business model in the UK in Germany. It will be putting its national distribution centre in the west, then have three regional distribution centres around the country - one in Berlin, Munich and Hamburg.
The company will release its half-year results on November 25.
AO World trades marginally higher shortly after the market open Thursday, up 0.86% at 246.00 pence per share, amongst the top gainers on the FTSE 250.
By Alice Attwood; [email protected]; @AliceAtAlliance
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