AO’s revenue up 62% to €1.91 billion
Online electrical retailer AO has reported a strong year of growth. In the year to 31 March, the UK company saw its revenue increase by 62 percent to 1.66 billion pounds (1.91 billion euros). AO also attracted over 2 million new customers in the year.
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Sales on the UK website AO.com, increased by 84 percent in the fourth quarter. And the German website AO.de saw its full year revenue climb y 77 percent. “Our German business achieved run rate profitability in the third quarter and is expected to generate profits in the current year”, the company adds.
The German website will be profitable this year.
“The last twelve months have been like no other and we have been very proud to rise to the challenges for our customers – keeping their lives powering on with essential electrical and technology products”, founder and CEO John Roberts says. “We were brave and bold in our capacity and infrastructure investments early in the year and now look forward to building on that scale advantage.”
EBITDA expected to more than triple this year
AO expects that the EBITDA of the AO Group will be in the range 72 to 83 million euros compared to 22,5 million in the previous year. “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”, Roberts adds.
We’ll continue to be a double-digit growth business.