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PRIVACY
Retail & Consumer

AO founder eyes double-digit growth after revenue surges by more than 60%

The group also said its results were achieved without financial support from Government

An AO Logistics van

Bolton-headquartered online retail giant AO World's revenue surged by more than 60% to pass the £1.6bn mark during its latest financial year.

The listed group has said it "delivered a strong performance across all aspects of the business, stepping up to, and capitalising on, the challenges and opportunities presented by the Covid pandemic".

It added that this included "significant increases in revenue, a step change in profitability at both group and divisional levels, strong cash generation, improved financial resources, and substantial progress in operational capability".

The group also said its results were achieved without financial support from Government.

The statement issued to the London Stock Exchange shows that group revenue increased by 62% to £1.66bn in the 12 months to March 31, 2021.

AO.com's revenue increased year-on-year revenue by 88% in Q4, and AO.de, the German website, increased full year revenue by 77%.

The group added that its German business achieved run rate profitability in Q3 and is expected to generate profits in the current financial year.

Group Adjusted EBITDA, despite Covid-related costs, is expected to be between £63m and £72m, up from £19.6m.