Published on November 24th, 2020 | by The GC Team0
Pandemic propels AO into the black
Bolton-based online electricals retailer AO has reported “a half year like no other” due to a structural shift in consumer shopping behaviour during the coronavirus pandemic.
The company reported Group profit before tax of £18.3m for the six months ended 30 September 2020 (HY21), up from a loss of £5.9m in the prior year period.
Total revenue increased 53.2% to £717.0m.
AO benefitted from high demand during a time when other retailers were forced to close due to the national lockdown. In October the business reported the sales momentum during the first quarter of its half-year trading period, when lockdown was in place, continued throughout the second quarter despite the reopening of bricks & mortar stores.
Founder and CE John Roberts today 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.
“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.”