Posted 20th Nov 2018

AO World sees revenue increase in H1 2018

By KBBDaily on 20th November 2018 - 13:09pm
money matters, ao, ao world, financial, trading, report, revenue, profit, ebitda, kbb, kbbdaily, appliance

AO World has reported a 9.9% increase in revenue for the six months to 30 September 2018 – reaching £404.2m – against a “continuingly touch macro trading environment in the UK and Europe and a declining UK MDA market”.

Total UK revenue was up by 5.7% - reaching £334.8m – in the period, while UK adjusted EBITDA reached £6.9m, impacted by “lower than anticipated MDA sales”. The group narrowed its overall adjusted EBITDA losses from the £6.3m recorded in 2017 to £5.4m in the period.

AO said it maintained its market share in its core UK MDA category, and added that it has created a dedicated B2B team to “leverage its capabilities” with housebuilders, housing associations and the insurance market.

“This has been a half of continued delivery against our long-term strategy, thanks to a strong offer for customers,” said AO CEO Steve Caunce. “While our core UK and Germany MDA markets have been challenging, with the UK MDA market becoming tougher than expected, we take encouragement that we are at least maintaining market share in this core category in the UK and growing significantly in Germany.

“Our peak trading period began on 9th November with the launch of our biggest ever Black Friday and I remain confident of achieving long-term sustainable growth across the group,” he added. “We expect full year results to fall within the range of board expectations, albeit more second half weighted than previously anticipated.”

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