Online appliance retailer AO World has recently reported an annual full-year pre-tax loss of £2.9m while stating that trading in the UK “remains challenging”. The firm’s shares saw a sharp fall following February’s profit warning and are now trading at around 176p, largely below their 285p flotation price.
However, the domestic retailer has also announced an increase in its revenue by 28.3% to £476.7m in the year to 31 March. UK adjusted EBITDA also rose by 47.3% to £16.5m.
It has been noted that AO World’s results are likely to attract attention to its valuation once again.
CEO John Roberts said “I am very pleased with the achievements we have made over the year, particularly in Germany and with the successful introduction of the AV category to AO.com Our long-term plan is on track and despite missing our financial expectations for the year, we have continued to take market share in the UK MDA market, delivering significant growth in UK sales and adjusted EBITDA.”
Roberts added: “Our customer proposition remains strong - our unbeatable prices, huge range and amazing service mean our customer satisfaction levels have remained exceptional and we will continue to focus on this in the year ahead.”