AO World revenues surge by 62%

AO World revenues have jumped by 62 per cent to £1.66 billion in the year ending 31 March 2021.

The company’s UK arm saw year-on-year revenues surge by 88 per cent in the final quarter.

The online electrical retailer, which gained more than two million new customers over the past year, said that it expects growth to continue even as its brick-and-mortar rivals open up their doors following the easing of coronavirus restrictions.

The group predicts that underlying profits, despite covid-related costs, will be in the range of £63 million and £72 million.

AO World said that over the period, government support was either repaid or not claimed and had no impact on profitability.

"I believe that these market dynamics will stick and, whilst there is inevitable uncertainty, the direction of travel is firmly with AO and the business model we have spent more than 20 years building,” said John Roberts AO founder and chief executive. “I expect that we will continue to be a double-digit growth business in the year ahead, even now as we lap the tough comparatives from last year with physical stores open.”

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