Bolton-headquartered online electricals retailer AO World has reported record听谤别惫别苍耻别蝉.听
The shift to online retail as a result of the COVID-19 pandemic saw its annual revenues听hit 拢1.66 billion, up 62%,听as it added two million new customers.听
Adjusted EBITDA for the FY听2021 (ending 31st听March) is expected to be听拢63-72m, a huge increase from听拢19.6尘听in FY 2020.听
The听listed group听said it had听鈥渃apitalised听on the challenges and opportunities presented by the COVID听pandemic鈥�.听听
It also said its听German business achieved run rate profitability in Q3 and is expected to generate profits in the current financial year.听
鈥�Over the period,听government support was either repaid or not claimed and had no impact on profitability,鈥� stated the company.听
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John Roberts, AO听founder and CEO,听said:听“I am delighted to report a year of outstanding financial, operational and strategic progress.听听
鈥�The last 12 months have been like no other and we have been very proud to rise to the challenges for our customers听鈥撎�keeping听their lives powering on with essential electrical and technology products.听听
“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.听
“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.听听
鈥�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.鈥�听