Shares of Bolton-based online electrical retailer AO World plc rose about 30% on Thursday after it issued a trading update for the six months ended September 30, 2020, saying it expects revenue for the period to rise about 57% to £715 million.
“In our UK retail business, the sales momentum continued from Q1 throughout Q2 despite the reopening of competitor bricks and mortar stores,” said AO World.
“We believe we have seen a lasting step change in online penetration.”
AO World shares have soared about 335% in the past 12 months to give the firm a current stock market value of around £1.4 billion.
AO founder CEO John Roberts said: “The last six months of trading have been like no other during my two decades in the business.
“AO was in good shape coming into this financial year and the global, structural shift in customer behaviour to online, accelerated by Covid, emphasised our strengths.
“The progress that we’ve made in Germany gives us the platform and confidence to grow.
“We remain excited by the opportunities ahead and ambitious to realise them …
“Whilst we remain mindful of the uncertain economic climate caused by the pandemic and Brexit, we are on track with plans and well set for our biggest ever peak trading period in the UK and Germany.”