Last checked at 28 Mar 2024 07:00
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
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AO World plc
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John Roberts, Founder and Chief Executive | IR@AO.com | ||||||||||||||||
Mark Higgins, Group CFO
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Rob Greening Nick Hayns | |||||||||||||||||
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. |
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. |