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AO improves profit guidance

28th Mar 24 11:15 am

AO World have increased their profit guidance over “clear progress” after the electronics retailers pivoted their “focus to profit.”

The Electronics retail told shareholders on Thursday they are expecting adjusted pre-tax profits of between £28 million and £33 million in the year to 31 March.

AO added they are expecting revenues of around £1.04 billion in the year after the retailer returned to growth in the last quarter.

John Roberts, chief executive officer and founder of AO, said: “I’m pleased with the clear progress that we’re making after pivoting our focus to profit and cash generation during the 2023 financial year.

“As we expected at our half-year results, we returned to revenue growth in our core business during the fourth quarter and, as a result, we’re entering the new financial year with good momentum.

“With net funds on our balance sheet and a clear plan, we remain confident in our ability to deliver on our ambition for 10-20% revenue growth in the year ahead and medium-term profit guidance of 5% adjusted pre-tax profit margin.”

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