Published on May 12th, 2020 | by The GC Team0
Revenue and profits at AO meet analysts’ expectations
Online electricals retailer AO today said it expects to release its Preliminary Results for the year ended 31 March on 14 July 2020, stating that the revised timing will allow a greater amount of clarity on the outlook for the current financial year.
The business expects its headline financial results, excluding operations in the Netherlands, which do not continue into FY21, for revenue and adjusted EBITDA to fall within the range of analysts’ expectations.
The company said it made substantial progress against immediate strategic priorities during the year, including UK MDA growth of 10% and acceleration of the journey to profitability in Germany.
Despite a decline in the overall market of the categories in which the business operates, AO has grown market share and seen increased demand and sales across all sectors since the coronavirus lockdown measures came into force. It also expects the online market in electricals to maintain a higher share than prior to the lockdown.
John Roberts, AO Founder and Chief Executive Officer, said: “For the last 20 years I believe we have been a driving force of change, making things better, easier and cheaper than ever before for customers with outstanding levels of service.
“In terms of online shopping behaviour, I believe we have seen five years accelerate into only five weeks and we will plan to cement that change as we impress more new customers than ever with the AO Way.”