AO World plc Trading Statement (6309W)
20 August 2020 - 4:00PM
UK Regulatory
TIDMAO.
RNS Number : 6309W
AO World plc
20 August 2020
20 August 2020
AO WORLD PLC
TRADING UPDATE
AO World plc (the "Company"), a leading European online
electrical retailer, is holding its Annual General Meeting* today
and issues the following trading update.
Trading
The trading momentum announced at the time of our preliminary
results in July has continued and the significant change in demand
for AO's products and services has been maintained. As a result, in
the four months ended 31 July 2020 we have recorded strong
year-on-year revenue growth in the UK of 58.9% to GBP401.3m and of
91.5% to EUR74.3m in Germany(1) .
Operationally, our bu siness continues to support our customers
at a time when social distancing and continued changes to official
Covid-19 guidance become the new normal. We have made investments
to strengthen our teams and our infrastructure to ensure the
business remains resilient and that we maintain our high levels of
customer service during on-going periods of strong demand.
Outlook
The demand for AO's products and services has been sustained
since competitor stores started to re-open at the beginning of
July. This reaffirms our belief that this is a structural shift in
demand where customers have found a better way to shop the
electricals category. We are investing in our capacity and
capability to serve customers ever more in the AO way.
We remain cognisant of the significant level of economic and
customer uncertainty driven by both Covid-19 and the prospect of
Brexit in December and the impact this may have on demand for
electricals in the medium-term.
We look forward to updating further in our Interim Results
currently scheduled for release in November 2020.
*As previously advised, in order to protect the health and
safety of our shareholders and employees, this year's Annual
General Meeting is being run as a closed meeting and shareholders
are not permitted to attend in person.
(1) excludes sales derived from AO.nl, our Netherlands website
which was closed during the prior year
For further information, please contact:
AO World plc Tel: +44(0) 1204 672400
John Roberts ir@ao.com
Mark Higgins
Tulchan Communications
Will Smith
James Macey White
William Booth
About AO
AO World plc, headquartered in Bolton and listed on the London
Stock Exchange, is an online electrical retailer, with a mission to
be the global destination for electricals. Our strategy is to
create value by focussing on being brilliant for our customers to
make AO the destination for everything they need, in the simplest
and easiest way, when buying electricals.
We sell major and small domestic appliances and consumer
electronics in the UK and Germany and deliver them via our in-house
logistics business and carefully selected third parties. We also
provide ancillary services such as the installation of new and
collection of old products and offer product protection plans and
customer finance.
In the UK, AO operates in four main categories (Major Domestic
Appliances "MDA", Small Domestic Appliances "SDA", Audio Visual
"AV" and Consumer Electronics "CE"). Following the acquisition of
Mobile Phones Direct Limited in December 2018, AO has significantly
broadened its mobile phone offering.
AO launched in Germany in October 2014 with MDA and now sells
Floorcare, AV and SDA categories.
AO also has a majority equity stake in AO Recycling, a WEEE
processing facility, allowing AO to ensure its customers' waste is
dealt with responsibly in the UK.
Cautionary statement
This announcement contains certain forward-looking statements
(including beliefs or opinions) with respect to the operations,
performance and financial condition of the Group. These statements
are made in good faith and are based on current expectations or
beliefs, as well as assumptions about future events. By their
nature, future events and circumstances can cause results and
developments to differ materially from those anticipated. Except as
is required by the Listing Rules, Disclosure Guidance and
Transparency Rules and applicable laws, no undertaking is given to
update the forward-looking statements contained in this document,
whether as a result of new information, future events or otherwise.
Nothing in this document should be construed as a profit forecast
or an invitation to deal in the securities of the Company. This
announcement has been prepared for the Group as a whole and
therefore gives greater emphasis to those matters which are
significant to AO World plc and its subsidiary undertakings when
viewed as a whole .
ENDS
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END
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