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AO World reports first quarter revenue growth but warns of challenging UK market

AO World expects full year results to meet market forecasts
AO World
AO World remains on track with its strategic plan

Online electricals retailer AO World posted a 2.5% increase in UK first quarter revenue but warned that the UK market remains “challenging” as consumers feel the pinch from rising living costs.

Revenue in the company’s core UK website rose 6.2% in the three months to June despite a slowdown in the major domestic appliances market, such as dishwashers and washing machines.

In Europe, revenue rose 57.6% in local currency, or, 73.1% in sterling, as the company expanded its operations across the continent.

AO World chairman Geoff Cooper said full year results are likely to fall within the range of market expectations and the company remains on track with its strategic plan.

“Our momentum is encouraging and we remain confident in the delivery of the plan we set out at our capital markets day in February,” he said. 

It marked the first full quarter of results since Steve Caunce took over as chief executive from AO World founder, John Roberts, in February.

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