AO World has announced the appointment of a new chairman while losses continue to deepen.
Pre-tax losses grew from £2.9m the previous year to £6.7m as the online retailer made greater investments in Europe. AO World noted that “investment and trading losses incurred in Germany and start-up costs”.
Nonetheless, UK profits increased from £8.7m to £13.6m. The group’s total revenue for the year rose by 25.7% to £599.2m. AO World expects that its launch into computing will drive its sales further.
The electricals etailer also confirmed that its current Chairman Richard Rose will be succeeded by Geoff Cooper who is currently in the same role at Card Factory. Rose has chaired the company for eight years and will depart from the business at its AGM next month.
“We are growing the business as fast as we can safely, expanding in our chosen categories and countries, whilst keeping a tight grip on our culture” said Chief Executive John Roberts.
“Computing is a natural extension of our current categories and there is good potential for cross-selling to our existing customer base, making it an exciting opportunity for the business.”