Last checked at 19 Jul 2018 07:00
AO World plc
AGM and Trading Statement
AO World plc ("AO World" or the "Company"), a leading European online electrical retailer, is holding its Annual General Meeting at 8am today, at which the following Trading Statement, for the period 1 April 2018 to 30 June 2018, will be made:
"AO World is on track to deliver its long-term strategic plan and the Board's expectations for the full year remain unchanged.
Overall for the quarter we are pleased to report UK revenue growth of 8.0% which reflects the strong start to the year, as previously reported, and a slower performance in June in our core markets impacted by weaker consumer demand2.
Our Europe business has performed in line with our plan during the period, with continuing strong year-on-year revenue growth of 46.2% in constant currency (up 48.8% on a reported basis), and we continue our strategy of limited traditional marketing as planned. We remain confident in the delivery of the plan we set out at our capital markets day in February 2017."
The Company's half year results for the six months ending 30 September 2018 will be announced on 20 November 2018.
AO World plc
Mark Higgins ir@ao.com
Tulchan Communications Tel: +44(0) 20 7353 4200
Catherine James ao@tulchangroup.com
Will Smith
2Source: Google data
About AO
AO World plc, headquartered in Bolton and listed on the London Stock Exchange, is an online electrical retailer, with a clear purpose: to have the happiest customers by relentlessly striving for a better way.
We create value by providing electrical products and related services to our customers, offering a huge range, a price-match promise and market-leading customer service. We are now leveraging our skills and expertise to develop existing competencies and create new opportunities.
We sell major and small domestic appliances and consumer electronics in the UK, Germany and the Netherlands 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. 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 is based on information from unaudited management accounts and contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of AO World plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, AO World plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.