Online electricals retailer AO World has fallen to an annual loss after being hit by rising costs and declining sales.
Today’s final results show that group revenue fell 6% year-on-year to £1.557bn, while it recorded a loss of £37m, compared to a profit of £20m in 2021.
John Roberts, the founder and CEO of the Greater Manchester group said it was a “turbulent time:”
“AO was founded on the belief that online is a better way to buy electricals. That belief is as strong as ever, even – and especially – as we go through one of the most challenging operating environments we’ve weathered as a company.
“The past 12 months has been a turbulent time for business and for retail in particular, and AO hasn’t been immune to those effects. Looking ahead, we certainly have more volatility to navigate, but the core fundamentals of our business remain strong. We entered the new financial year with a period of strategic realignment, and a focus on cash and profit generation.”