REG - AO World plc - Trading Statement

AO WorldAnnouncement

28/03/2024 07:00

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RNS Number : 5963I  AO World plc  28 March 2024

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 revenues(1) 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 before(2) 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
 AO World plc

 John Roberts, Founder and Chief Executive                       IR@AO.com (mailto:IR@AO.com)
 Mark Higgins, Group CFO

 Powerscourt                                                     Tel: +44 (0)20 7250 1446

 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.

 

 

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