20th Aug 2020 09:09
(Alliance News) - AO World PLC on Thursday said that the structural shift to online shopping has resulted in a continued strong trading momentum and a sharp jump in revenue growth.
The FTSE 250-listed online electrical retailer said that its UK revenue in the four months to July 31 grew 59% year-on-year to GBP401.3 million and and its German revenue by 92% to EUR74.3 million.
"The demand for AO's products and services has been sustained since competitor stores started to re-open at the beginning of July. This reaffirms our belief that this is a structural shift in demand where customers have found a better way to shop the electricals category," the Bolton, England-based company said.
"We remain cognisant of the significant level of economic and customer uncertainty driven by both Covid-19 and the prospect of Brexit in December and the impact this may have on demand for electricals in the medium-term," the company added.
Shares in AO World were up 3.4% at 199.80 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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