AO World PLC (LSE:AO.) raised its profit guidance for the year ended March 2023 for the second time this year thanks to cost-saving measures.
Adjusted underlying earnings (EBITDA) are expected to be in the range of £37.5mln to £45mln, an increase on the £30mln-£40mln range guided in January, a statement from the electrical retailer said.
AO World said margin improvement initiatives and a “resilient” underlying customer base have been the driving factors behind retail gross margin improvement.
As a result, efforts to simplify the business have outperformed expectations and delivered results quicker than expected, the white goods retailer said.