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Finance

Published on January 11th, 2018 | by The GC Team

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AO World plc “on track” in Q3 trading update

Online electrical retailer AO World plc has issued a trading update for its third quarter – the three months to December 2017 – saying the Group is “on track as it delivers continued revenue growth.”

The UK business “continued to grow,” with overall UK revenue increasing by 11.4% and ao.com revenue increasing by 11.2% year on year.

The Europe business “has continued to grow strongly,” up 58.4% year on year, on a constant currency basis (up 62.0% in GBP).

Overall Group Revenue was up 16.6% for the quarter, year on year.

“We expect the Group’s performance for the full year to fall within the range of analysts’ expectations but remain cautious given the uncertain UK economic outlook,” said a Group spokesperson.

Steve Caunce, CEO, said: “We are particularly pleased with the double digit sales growth in our UK business, which has been achieved against a fiercely competitive environment and normalised marketing expenditure. Our customers in the UK benefitted from our Black Friday deals this year over a two week period, enabling us to manage demand more effectively and deliver an even better experience for customers.  We are encouraged by the sales growth in our newer categories and we have continued to deliver excellent customer service throughout the period across the business.

“Looking ahead, although we need to be mindful of the uncertain economic outlook (particularly in the UK), as long as we are relentless in our focus on making things easy for our customers, we can be confident that they will continue to choose the AO Way.”

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