AO World first-half revenue up 53% to £717m

Bolton-based online electrical retailer AO World plc said on Tuesday its revenue soared 53.2% to £717 million in the six months to September 30 and it made a profit before tax of £18.3 million compared to a loss of £5.9 million in the prior year period.

AO World shares have soared more than 350% in the past year, but slipped about 10% on Tuesday.

AO chief executive John Roberts said: “This has been a half year like no other.

“I believe our market has changed as a result, forever.

“Online is now the dominant retail channel for customers and manufacturers alike and I am delighted by how our AOers have risen to the challenge of this structural shift in behaviour.

“We have grown share across all categories and the results we’re announcing today give huge confidence that our business is well set for the future to cement the changes.

“Our growth rates have increased from Q2 to Q3 as we unlock capacity constraints. 

“We have taken huge strides forward on our commitment to fix all the fundamentals of our European business and we now have a profitable platform from which to accelerate our growth in Germany and beyond.

“I would like to thank all AOers and all our trading partners for making such structural change possible in such a short period of time.

“It has been an incredible team effort to serve customers, existing and new, in their moments of need that I believe they will repay us with loyal custom for years to come.

“Now really is our time and we are investing to win and cement the change.”