Bolton-based online electrical retailer AO World plc said on Thursday its group adjusted EBITDA increased 191% to £64 million in the year to March 31 as revenue increased 62% to £1.66 billion.

In its outlook, AO World said: “Longer term, our ambitions are to continue to expand our model into new products and new geographies, and we expect to be operating in five countries within the next five years, including our existing markets of the UK and Germany. 

“The investments we are making this year underpin those ambitions and ensure that our businesses are fit for continued growth, with a view to more than doubling the size of the group in that time period.”

AO World CEO John Roberts, said: “It’s been a step change year for AO in which we’ve achieved significant strategic, operational and financial progress.

“The early and bold investments we made in capacity, infrastructure and people returned increased revenues by 62%, and grew adjusted EBITDA by 191% across the group …

“We firmly believe that once people experience a better way to buy electricals, they are unlikely to return to old ways of shopping.  

“Our vertically integrated business model offers substantial operational leverage which means all incremental growth feeds our flywheel, generating cash to invest back into our business for customers.

“Coming out of the pandemic, the direction of travel is firmly with AO, and our proven ability to build scale and drive growth gives us confidence to look towards further European expansion over the next five years.”