Online retailer AO World has unveiled its financial result for the year to March 31 2015, including an operating loss in excess of £2m amid investment in its European expansion.
The group continued to increase turnover, with total revenue up 23.8%, and AO website sales for the UKincreased by 32.9% to £381.5m (2014: £287.1m), with total UK revenue up 22.3% to £470.8m (2014: £384.9m).
The company also stated it was positive following investment in European start-up operations of £4.2m, as well as the introduction of AV categories in the UK. The financial statement also noted that overall UK number of completed orders was up 26.4% to 1,348k and UK repeat purchase levels continued to grow, from 36% to 45%.
Chief executive John Roberts said: “AO is an exceptional business and I am very pleased with the achievements we have made over the year, particularly in Germany and with the successful introduction of the AV category to AO.com. Our long-term plan is on track and, despite missing our financial expectations for the year, we have continued to take market share in the UK MDA market delivering significant growth in UK sales and Adjusted EBITDA.
“Our customer proposition remains strong – our unbeatable prices, huge range and amazing service mean our customer satisfaction levels have remained exceptional and we will continue to focus on this in the year ahead. The passion we have for our customers, staff and all other stakeholders has never been stronger and we still believe we can change the way Europe buys its electricals, simply by caring more and executing brilliantly.”
