Shares of Bolton-based online electrical retailer AO World fell 6% on Thursday after it said its revenue is expected to rise around 13% to £900 million for the 12 months to March 31, 2019, but adjusted EBITDA , excluding exceptional costs, is expected to be at the lower end of market expectations.

On Brexit, AO World said: “As part of our Brexit contingency planning, during the last quarter of FY19 we increased our usual core fast moving inventory levels by c.£15m, with a corresponding impact on our cash position. 

“This will help ensure we can continue to deliver our market-leading proposition to our customers.”

AO World CEO John Roberts said: “Over the last eight weeks we have created a mindset shift from the numbers delivered in FY19; we are setting about realising our opportunities with pace and energy.  

“I am delighted by the reaction of AO’ers and their passion for our future.  

“We have already announced that we are testing a genuinely disruptive rental proposition.

“We have also expanded categories further into garden and DIY ready for the season and we are accelerating AO Mobile to launch later this year in readiness for peak trading.

“I am delighted to once again have the privilege to lead the business and excited by the scale of value creation that lies ahead of us for the benefit of all stakeholders.

“I look forward to updating more fully in early June on how we are accelerating our plans to grow while leveraging the infrastructure we have invested in.”