Shares of Bolton-based online electrical retailer AO World rose about 5% after it said its revenue for the year ended March 31, 2018, rose 13.6% to £796.8 million.
AO World made a loss before interest, tax, depreciation and amortisation of £3.4 million, compared to analysts’ average forecast of a £4 million loss.
Analsysts at Peel Hunt wrote in a note: “Full-year results ahead of the post close statement made in April.
“Revenue growth of +13.6% is ahead of consensus at +13.1%.
“More importantly, adjusted EBITDA loss of -£3.4m is ahead of consensus of -£4.0m ..
“We are still strong advocates of AO World and these results reflect its operational strength.”
AO World CEO Steve Caunce said: “The new financial year has started well in both the UK and Europe, with UK revenue growth returning to double-digit levels against prior year.
“Whilst we remain cautious on outlook given economic and competitive pressures on the UK electricals market we are confident of achieving our stated goals of future growth in the years ahead.”