Lockdown Technology and Internet Switchover Boost AO World’s Revenue and Profits

The surge in online shopping amid the pandemic has pushed online electricity retailer AO World’s revenue to 59%, the retailer said in a statement this morning.

The switch to the internet helped AO generate around £ 1.4bn in UK revenue in the fiscal year ended March 31, while the group’s revenue grew entirely 62% to 1 , £ 6 billion.

The group broke even last year with a pre-tax profit of £ 1million, which hit £ 20million this year.

“It has been a year of radical change for AO in which we have made significant strategic, operational and financial progress. The early and bold investments we made in capacity, infrastructure and people resulted in a 62% revenue increase, ”said AO Founder and CEO John Roberts.

Shares opened lower this morning, plunging 1.7%, taking its price to 248.6p per share.

Basic earnings per share exploded amid soaring UK technology spending, reaching 1,676%, pushing profit from 0.21 pence to 3.7 pence per share.

In the UK, major home appliances like refrigerators and freezers rose 61% as three nationwide lockdowns prompted consumers to rate their living spaces.

Demand for small household appliances soared 103 percent. However, customer desire for electronic and gaming technologies is still lagging behind, which increased by 126% and 127% respectively.

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