Proactiveinvestors United Kingdom Ao World https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Ao World RSS feed en Sat, 23 Mar 2019 12:49:34 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190320135937_14009534/ Wed, 20 Mar 2019 13:59:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190320135937_14009534/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190320135754_14009531/ Wed, 20 Mar 2019 13:57:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190320135754_14009531/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190228091759_13985083/ Thu, 28 Feb 2019 09:17:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190228091759_13985083/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190220102129_13975653/ Wed, 20 Feb 2019 10:21:29 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190220102129_13975653/ <![CDATA[News - AO World shocks with news founder John Roberts to resume CEO role as Steve Caunce steps down ]]> https://www.proactiveinvestors.co.uk/companies/news/213693/ao-world-shocks-with-news-founder-john-roberts-to-resume-ceo-role-as-steve-caunce-steps-down-213693.html AO World PLC (LON:AO.) has shocked investors with news its founder John Roberts is to resume the role of chief executive officer at the online electricals retailer with current incumbent Steve Caunce to step down.

The FTSE SmallCap firm, which sells domestic appliances like fridges and cookers, said Caunce would remain involved in the business on a part-time basis but had decided to take a step back for a better work-life balance.

READ: AO World surges as it reaffirms full-year guidance after Black Friday boosts November sales to highest ever

It added that Caunce would remain as an advisor to the CEO and the board in a part-time role.

John Roberts said: "AO's future is incredibly bright given our depth of talent at all levels of the business. I am fully committed to the business and the execution of our focussed strategy and can't wait to get stuck in again as CEO as we move onto the next exciting stage of the AO story."

In November, AO World reported a first-half loss in November and slower sales growth after being hit by lower consumer spending in the UK.

But in a January trading update, the group reaffirmed its guidance for the full year as ‘Black Friday’ boosted sales to record-breaking levels in November.

For the third quarter ended 31 December, the electricals and white goods retailer reported group revenues had risen 8.2%, with UK and Europe revenues rising by 4.4% and 31.3% respectively.

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Thu, 31 Jan 2019 08:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213693/ao-world-shocks-with-news-founder-john-roberts-to-resume-ceo-role-as-steve-caunce-steps-down-213693.html
<![CDATA[RNS press release - Change of Remuneration Committee Chair ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190131070102_13952804/ Thu, 31 Jan 2019 07:01:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190131070102_13952804/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190131070012_13952758/ Thu, 31 Jan 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190131070012_13952758/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190115092514_13934985/ Tue, 15 Jan 2019 09:25:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190115092514_13934985/ <![CDATA[News - AO World surges as it reaffirms full year guidance after Black Friday boosts November sales to highest ever ]]> https://www.proactiveinvestors.co.uk/companies/news/212388/ao-world-surges-as-it-reaffirms-full-year-guidance-after-black-friday-boosts-november-sales-to-highest-ever-212388.html AO World PLC (LON:AO.) shares surged in early trading Friday after it reaffirmed its guidance for the full year while Black Friday boosted sales to record-breaking levels in November.

In a trading update for the third quarter ended 31 December, the electricals and white goods retailer reported group revenues had risen 8.2%, with UK and Europe revenues rising by 4.4% and 31.3% respectively.

READ: AO World shareholders approve takeover of Mobile Phones Direct

The group said customers had responded, “positively” to its Black Friday deals, which it offered over a longer period in November, leading to what it said was “smoother” sales flow and improved margins. The boost also meant November was the firm’s highest sales month ever.

For Europe, AO said the 31.3% growth was stronger than the second quarter due to a return to underlying growth levels following the impact of changes made to its driver operating model in the first half of the year.

Figures for Mobile Phones Direct, which the company acquired in a £38.1mln deal in December, were not included in the update.

As a result of the growth figures, AO said it remained “on track to deliver its long-term strategic plan” and that its expectations for the full year were unchanged.

Steve Caunce, AO’s chief executive, said the third quarter had represented “a solid performance” against a “challenging backdrop”, adding that the firm had seen “record numbers of customers choose AO for their Black Friday and seasonal electricals purchases”.

READ: AO World sinks as it reports first-half loss amid “tougher than expected” UK appliance sales

The numbers will likely bring cheer to AO’s investors after gloomy first half results in November when the firm reported a loss of £5.4mln despite a 9.9% increase in revenues to £404.2mln amid a slowdown in its core major domestic appliances markets in the UK and Germany.

Broker reiterates Sell, says firm still “subscale”

In a note to clients, analysts at City broker Shore Capital reiterated their ‘Sell’ rating on the stock, saying that the company “remains subscale, particularly in Europe and will only be EBITDA breakeven towards the end of FY2021”.

The broker added that AO was also “facing into a more competitive market given Dixons Carphone’s strategic review and an altogether uncertain consumer outlook given the ‘Brexit fog’ that clouds at least the next three months”.

“The company trades on FY2021 [price-earnings] ratio of 39x and [enterprise value/EBITDA multiple] of 37x. To us, this still looks too rich given its track record, present performance and short-to-medium term prospects despite the shares having fallen 17% over the last three months. As such, one place we do agree with AO’s management is that it remains a long-term investment proposition.”

"Wise move" to extend Black Friday period, says analyst

Zoe Mills, retail analyst at GlobalData, said that AO's decision to extend its Black Friday to a two-week period was "a wise move allowing it to spread demand for its logistic teams and better manage the influx of sales".

"With its competitors, Dixons Carphone and Argos having already adopted this strategy, it ensured AO World remained competitive over the period" Mills said, adding that the company "must continue to improve margins as it enters Q4 2018/19, especially given the prolific discounting expected in January sales and we expect this quarter to be equally challenging in terms of profitability".

The analyst added that while the figures were not included in the update, she expected the Mobile Phones Direct acquisition to be "fruitful in 2019".

Shares were up 3.4% at 128.4p.

--Adds analyst comment and updates share price--

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Fri, 11 Jan 2019 08:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212388/ao-world-surges-as-it-reaffirms-full-year-guidance-after-black-friday-boosts-november-sales-to-highest-ever-212388.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190111070003_13931191/ Fri, 11 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190111070003_13931191/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190109103020_13928986/ Wed, 09 Jan 2019 10:30:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190109103020_13928986/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190107101752_13925807/ Mon, 07 Jan 2019 10:17:52 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20190107101752_13925807/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181218130726_13908152/ Tue, 18 Dec 2018 13:07:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181218130726_13908152/ <![CDATA[RNS press release - Acquisition of Mobile Phones Direct Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181217091426_13905846/ Mon, 17 Dec 2018 09:14:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181217091426_13905846/ <![CDATA[RNS press release - Acquisition of Mobile Phones Direct Ltd ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181214122235_13904638/ Fri, 14 Dec 2018 12:22:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181214122235_13904638/ <![CDATA[RNS press release - Acquisition of Mobile Phones Direct ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181214070003_13903603/ Fri, 14 Dec 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181214070003_13903603/ <![CDATA[RNS press release - Acquisition of Mobile Phones Direct Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181213102732_13902626/ Thu, 13 Dec 2018 10:27:32 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181213102732_13902626/ <![CDATA[RNS press release - Acquisition of Mobile Phones Direct Ltd ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181207093133_13895662/ Fri, 07 Dec 2018 09:31:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181207093133_13895662/ <![CDATA[News - AO World shareholders approve takeover of Mobile Phones Direct ]]> https://www.proactiveinvestors.co.uk/companies/news/210234/ao-world-shareholders-approve-takeover-of-mobile-phones-direct-210234.html AO World PLC’s (LON:AO) proposed £38.1mln acquisition of online mobile phone retailer Mobile Phones Direct Limited has been approved by shareholders.

The company said of the shareholders who voted for the proposal at the annual general meeting on Thursday, 99.9% backed the deal. The number of votes cast represented 68% of the group’s total issued share capital.  

READ: AO World slips as it acquires Mobile Phones Direct but says full year trading will be “more second half weighted”

The acquisition still needs approval by the Financial Conduct Authority.

AO World announced that it had agreed to buy Mobile Phones Direct earlier this month, saying it believes the business would improve its mobile offering, which is currently limited to handsets only.

Shares fell 2.1% to 122p in afternoon trading.

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Thu, 29 Nov 2018 14:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210234/ao-world-shareholders-approve-takeover-of-mobile-phones-direct-210234.html
<![CDATA[RNS press release - Result of Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181129134542_13885617/ Thu, 29 Nov 2018 13:45:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181129134542_13885617/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181127153344_13882416/ Tue, 27 Nov 2018 15:33:44 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181127153344_13882416/ <![CDATA[News - AO World sinks as it reports first half loss amid “tougher than expected” UK appliance sales ]]> https://www.proactiveinvestors.co.uk/companies/news/209563/ao-world-sinks-as-it-reports-first-half-loss-amid-tougher-than-expected-uk-appliance-sales-209563.html Shares in AO World PLC (LON:AO.) sank in mid-morning deals Tuesday as it reported a first-half loss amid lower than expected sales of large domestic appliances.

The electricals retailer reported an underlying loss for the period of £5.4mln, narrower than the £6.3mln a loss a year ago, while revenues grew 9.9% to £404.2mln.

READ: AO World slips as it acquires Mobile Phones Direct but says full year trading will be “more second half weighted”

AO’s chief executive, Steve Caunce, said that while the company’s core major domestic appliances (MDA) markets in the UK and Germany had been “challenging”, the UK MDA segment had become “tougher than expected”.

In its divisions, the firm reported its UK adjusted underlying earnings (EBITDA) had fallen to £6.9mln £7.4mln as a result of the MDA decline, while its European business reported a narrowed EBITDA loss of €13.8mln from €15.6mln previously, helped by improvements in product margin and leverage in logistics and overheads.

He added that the firm expected full-year results to fall within the expected range as it entered its peak trading period on 9 November but added that they would be “more second-half weighted than previously anticipated”.

AO also aid that entering the second half its stock days may increase in the short to medium term as it sought to soften any potential disruption to its supply chains caused by Brexit.

“Disappointing” results but signs of hope in less MDA exposure

In a note to clients, analysts at City broker Peel Hunt said the results were “disappointing” amid the declining MDA market that was outside the firm’s control but retained its 'Hold' rating on the stock due to AO’s expansion into new categories and verticals that was reducing its exposure to MDA.

A recent example of the push to diversify was AO’s offer for Mobile Phones Direct, an online phone retailer, earlier this month for £38.1mln.

The news of the purchase received a mixed response, with analysts from broker Shore Capital at the time saying they could not see how the acquisition would be earnings enhancing.

Shares were down 6.1% at 116.6p.

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Tue, 20 Nov 2018 10:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209563/ao-world-sinks-as-it-reports-first-half-loss-amid-tougher-than-expected-uk-appliance-sales-209563.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181120070014_13872730/ Tue, 20 Nov 2018 07:00:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181120070014_13872730/ <![CDATA[RNS press release - Publication of Circular ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181109110917_13861821/ Fri, 09 Nov 2018 11:09:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181109110917_13861821/ <![CDATA[News - AO World slips as it acquires Mobile Phones Direct but says full year trading will be “more second half weighted” ]]> https://www.proactiveinvestors.co.uk/companies/news/208902/ao-world-slips-as-it-acquires-mobile-phones-direct-but-says-full-year-trading-will-be-more-second-half-weighted-208902.html Shares in AO World PLC (LON:AO.) slipped in early trading Friday as it agreed to acquire Mobile Phones Direct Limited (MPD), an online-only mobile phone retailer, but also said trading for the full year would be weighted more toward the second half.

The electricals retailer said it would acquire MPD for a total consideration of around £38.1mln in a move it said would significantly increase the scale and sophistication of its mobile offering, which is currently limited to handsets only.

READ: AO World says UK revenue up 8% in first-quarter, although core markets saw slower performance in June

AO added that the acquisition would provide access to “a large and important market” which was adjacent to its existing electricals offering and was well positioned to benefit from continued migration to online retail.

The purchase, expected to complete before 31 March 2019, would use £20.9mln in cash and around 13.1mln AO shares.

Steve Caunce, chief executive of AO, said MPD was “highly complementary to AO” and that by coming together the company would achieve “instant scale” and be well-placed for opportunities in the growing UK mobile phone market.

He added that with 5G mobile services expected to launch over the next two years, moving into the mobile market was “a logical next step”.

In an update on its current trading and prospects, AO said despite a “declining [major domestic appliances] market”, it was maintaining market share in the UK and expected its full-year results to be within expectations, albeit “more second-half weighted than previously anticipated”.

The firm reported that its group revenue for the six months to 30 September 2018 was up 9.9% year-on-year at £404.2mln, with its UK and EU revenues up 5.7% at £334.8mln and up 35.5% at £69.4mln respectively.

In a note to clients, analysts at City broker Shore Capital were less enthused by the purchase, saying they did not see how the acquisition could be earnings enhancing.

“On the one hand this small acquisition scales up the company in a complementary category but also complicates the group further” the broker added.

Shares were down 3.7% at 130p.

--Adds share price--

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Fri, 09 Nov 2018 08:13:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208902/ao-world-slips-as-it-acquires-mobile-phones-direct-but-says-full-year-trading-will-be-more-second-half-weighted-208902.html
<![CDATA[RNS press release - AO WORLD PLC TO ACQUIRE MOBILE PHONES DIRECT ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181109070002_13860966/ Fri, 09 Nov 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181109070002_13860966/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181031133640_13849807/ Wed, 31 Oct 2018 13:36:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181031133640_13849807/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181019070003_13844858/ Fri, 19 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181019070003_13844858/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181011132337_13844864/ Thu, 11 Oct 2018 13:23:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181011132337_13844864/ <![CDATA[RNS press release - Capital Markets Day ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181002070009_13844871/ Tue, 02 Oct 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20181002070009_13844871/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180725090002_13730570/ Wed, 25 Jul 2018 09:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180725090002_13730570/ <![CDATA[RNS press release - Grant of options ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180720090001_13725582/ Fri, 20 Jul 2018 09:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180720090001_13725582/ <![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180719113027_13724350/ Thu, 19 Jul 2018 11:30:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180719113027_13724350/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180719093655_13724049/ Thu, 19 Jul 2018 09:36:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180719093655_13724049/ <![CDATA[News - AO World says UK revenue up 8% in first-quarter, although core markets saw slower performance in June ]]> https://www.proactiveinvestors.co.uk/companies/news/201117/ao-world-says-uk-revenue-up-8-in-first-quarter-although-core-markets-saw-slower-performance-in-june-201117.html AO World PLC (LON:AO.) shares rose on Thursday after the online retailer said its UK revenue increased by 8% in the first-quarter, reflecting strong performances in April and May, although its core markets saw a slower performance in June, impacted by weaker consumer demand.

In a trading update to be delivered at today’s annual general meeting, the web-based domestic appliances retailer said it remained “on track to deliver its long-term strategic plan and the Board's expectations for the full year remain unchanged.”

READ: AO World posts double-digit sales growth for year just gone but remains “cautious” on outlook

The FTSE SmallCap group added: “Our Europe business has performed in line with our plan during the period, with continuing strong year-on-year revenue growth of 46.2% in constant currency (up 48.8% on a reported basis), and we continue our strategy of limited traditional marketing as planned.“

The company said its half year results for the six months ending 30 September 2018 will be announced on 20 November 2018.

In late morning trading, shares in AO World were 1.4% higher at 146.4p.

More than up with events, says ShoreCap

However, Shore Capital retained a ‘sell’ rating on the stock.

In a note to clients, the City broker’s analysts said: ”Overall while FY expectations are unchanged the trading performance from the UK division is disappointing given the soft comparatives that the company was cycling from Q1 last year. In terms of valuation AO trades on a forward one year EV/EBITDA multiple of 180x and on a 2020 multiple of 31x.”

They added: “Given our concerns about the scale of the losses across the European footprint, where the business remains sub-scale, we continue to believe that the current valuation is more than up with events and reiterate our SELL rating.”

 -- Adds share price, analyst comment --

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Thu, 19 Jul 2018 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201117/ao-world-says-uk-revenue-up-8-in-first-quarter-although-core-markets-saw-slower-performance-in-june-201117.html
<![CDATA[RNS press release - AGM and Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180719070003_13723286/ Thu, 19 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180719070003_13723286/ <![CDATA[RNS press release - Annual Report & Accounts and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180620102750_13686935/ Wed, 20 Jun 2018 10:27:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180620102750_13686935/ <![CDATA[News - AO World posts double-digit sales growth for year just gone but remains “cautious” on outlook ]]> https://www.proactiveinvestors.co.uk/companies/news/198251/ao-world-posts-double-digit-sales-growth-for-year-just-gone-but-remains-cautious-on-outlook-198251.html Electronics retailer AO World PLC (LON:AO.) has told investors it remains “cautious” about the year ahead despite reporting double-digit sales growth for the year just gone.

Revenues climbed 14% to £796.8mln in the year ended 31 March 2018 (2017: £629.7mln), with UK sales – the group’s core market – rising 8.1% to £680.8mln.

UK retailers struggling

Turning the higher sales into increased profitability is proving difficult, though.

The Bolton-based group reported an operating loss of £16.2mln (2017: £12.0mln), largely due to investment in its European expansion and a weaker UK electricals market where it has had to cut prices to remain competitive.

Retailers up and down the country have been hit by rising costs and a slowdown in consumer spending as the pound’s post-Brexit fall has fed through.

A host of other home retailers, including Carpetright PLC (LON:CPR), Topps Tiles Plc (LON:TPT) and Dunelm Group PLC (LON:DNLM), have all posted weaker updates in recent weeks.

Things look more positive in Europe, where sales grew 55% to £116.0mln (2017: £71.5mln) despite “minimal traditional marketing activity”.

Decent start to new year

Chief executive Steve Caunce said it had been “another year of good progress” for AO despite a “very competitive” UK market.

He added: “The new financial year has started well in both the UK and Europe, with UK revenue growth returning to double-digit levels against prior year.

“Whilst we remain cautious on outlook given economic and competitive pressures on the UK electricals market we are confident of achieving our stated goals of future growth in the years ahead.”

Shares rose 2.2% to 156p in early deals on Tuesday.

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Tue, 05 Jun 2018 08:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198251/ao-world-posts-double-digit-sales-growth-for-year-just-gone-but-remains-cautious-on-outlook-198251.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180605070005_13666551/ Tue, 05 Jun 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180605070005_13666551/ <![CDATA[RNS press release - Replacement - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180502105035_13627286/ Wed, 02 May 2018 10:50:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180502105035_13627286/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180501113814_13625803/ Tue, 01 May 2018 11:38:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180501113814_13625803/ <![CDATA[News - AO World says Europe business has reached inflection point ]]> https://www.proactiveinvestors.co.uk/companies/news/194415/ao-world-says-europe-business-has-reached-inflection-point-194415.html AO World PLC’s (LON:AO) start-up European business has reached inflection point and will improve from here on, the white goods retailer claimed today,  

AO has been investing heavily to set up a European operation, which will mean another full-year loss this year to March though this will be in the middle of the expected range, said the statement.

Sales in Europe rose by 55% and AO remains on track to meet the targets set for 2021.

Annual results overall will be the middle of market forecasts after good sales in the UK over the second half.

Group turnover to March will be £796mln, up 14% year on year and slightly above the mid-point of analysts' expectations. 

UK revenue was £680mln, up 8% year on year with AO.com 9% better at £606mln, but promotional spending was cut back to maintain margins in a competitive market.

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Fri, 06 Apr 2018 08:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194415/ao-world-says-europe-business-has-reached-inflection-point-194415.html
<![CDATA[RNS press release - Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180406070003_13594206/ Fri, 06 Apr 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180406070003_13594206/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180403112323_13589388/ Tue, 03 Apr 2018 11:23:23 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180403112323_13589388/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180328165333_13585652/ Wed, 28 Mar 2018 16:53:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180328165333_13585652/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180207163621_13525386/ Wed, 07 Feb 2018 16:36:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180207163621_13525386/ <![CDATA[RNS press release - SAYE Option Grant and Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180126093543_13510892/ Fri, 26 Jan 2018 09:35:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180126093543_13510892/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180123124352_13506378/ Tue, 23 Jan 2018 12:43:52 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180123124352_13506378/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180116092842_13497829/ Tue, 16 Jan 2018 09:28:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180116092842_13497829/ <![CDATA[RNS press release - 3rd Quarter Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180111070002_13492332/ Thu, 11 Jan 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8287/LSE20180111070002_13492332/