This announcement contains inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via the
Regulatory Information Service, this inside information is now
considered to be in the public domain.
28 March
2024
AO WORLD
PLC
Full Year
Trading Update for FY24
PBT
guidance increased
AO.com
returns to revenue growth in Q4
AO World plc ("the Company" or "AO"), the UK's
most trusted electricals retailer, today issues the following
pre-close update for the 12 months to 31 March 2024.
Estimated revenues1 for the full year to 31 March 2024
are expected to be circa £1.04bn. Our core business continues
to trade positively through Q4, and AO.com has returned to revenue
growth during the quarter as expected.
We now expect adjusted profit
before2 tax for
FY24 to be at least at the top of the previously guided range of
£28-£33m.
At the period end we expect to have net funds
on a pre IFRS16 basis of over £30m. The Company's £80m revolving
credit facility has been extended with existing lenders to April
2027 on the same terms.
John Roberts, CEO and Founder,
commented:
"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
Q4 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 PBT margin."
AO expects to publish its Full Year Results to
31 March 2024 on 26 June 2024.
The person responsible for arranging the release of this
announcement on behalf of the Company is Julie Finnemore, Company
Secretary
Enquiries
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AO World plc
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John Roberts, Founder and Chief
Executive
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IR@AO.com
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Mark Higgins, Group CFO
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Powerscourt
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Tel: +44
(0)20 7250 1446
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Rob Greening
Nick Hayns
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1 Based on unaudited management accounts. AO World's financial
year FY24 runs from 1 April 2023 to 31 March 2024.
2 Adjusted PBT is defined as a profit/(loss) before tax,
adjusted for any non-recurring items as defined by the
Board
About AO
AO World PLC, headquartered in
Bolton and listed on the London Stock Exchange, is the UK's most
trusted major electricals retailer, with a mission to be the
destination for electricals. Our strategy is to create value by
offering our customers brilliant customer service and making AO the
destination for everything they need, in the simplest and easiest
way, when buying electricals. We offer major and small
domestic appliances and a growing range of mobile phones, AV,
consumer electricals and laptops. We also provide ancillary
services such as the installation of new and collection of old
products and offer product protection plans and customer finance.
AO Business serves the B2B market in the UK, providing electricals
and installation services at scale. AO also has a WEEE processing
facility, ensuring customers' electronic waste is dealt with
responsibly.
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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.
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