AO World upgrades profit outlook as first half earnings climb

(Alliance News) - AO World PLC shares climbed on Tuesday as it raised its profit forecast as it reported "continued positive trading".

The Bolton, England-based consumer electronics seller said revenue climbed 14% to GBP585.6 million in the six months to the end of September from GBP512.1 million a year ago.

Pretax profit climbed 10% to GBP17.9 million from GBP16.2 million, while basic earnings per share jumped 14% to 2.22 pence from 1.94p.

The firm said it faced inflationary headwinds of around GBP4 million from national minimum wage and national insurance cost increases.

"These numbers speak for themselves, and it's been another positive six months of operational and financial progress," said Chief Executive Officer John Roberts.

"Our strategy is working and we're as confident as ever about AO's upwards trajectory."

AO World in September upped its profit view to a GBP45 million to GBP50 million range.

Since then, AO World said it has seen "continued positive trading" and it now expects pretax profit "around the top" of the outlook range.

Shares in AO World were up 6.8% at 106.00 pence on Tuesday morning in London.

By Michael Hennessey, Alliance News reporter

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