Bolton-based online electrical retailer AO World plc said on Thursday it recorded strong year-on-year revenue growth of 58.9% to £401.3 million in the UK and of 91.5% to €74.3 million in Germany in the four months ended July 31.

AO World shares rose about 3% to 199p to give the firm a current stock market value of about £950 million.

AO shares have soared 188% in the past 12 months.

In a trading update for its Annual General Meeting, AO World said the demand for AO’s products and services has been sustained since competitor stores started to re-open at the beginning of July. 

The company said it believes there has been a “structural shift” in demand where customers have found “a better way” to shop the electricals category.

The Bolton firm added: “The trading momentum announced at the time of our preliminary results in July has continued and the significant change in demand for AO’s products and services has been maintained …

“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.  

“We are investing in our capacity and capability to serve customers ever more in the AO way.

“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.”