AO Reports Strong Year-On-Year Growth

AO World plc (the "Company"), a leading European online electrical retailer, is holding its Annual General Meeting* today and issues the following trading update. 

Trading

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.  As a result, in the four months ended 31 July 2020 we have recorded strong year-on-year revenue growth in the UK of 58.9% to £401.3m and of 91.5% to €74.3m in Germany¹. 

Operationally, our business continues to support our customers at a time when social distancing and continued changes to official Covid-19 guidance become the new normal. We have made investments to strengthen our teams and our infrastructure to ensure the business remains resilient and that we maintain our high levels of customer service during on-going periods of strong demand.

Outlook

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.   

We look forward to updating further in our Interim Results currently scheduled for release in November 2020.

Source : AO World

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