Electricals retailer, AO has reported a 62 per cent increase in revenue driven by demand for larger fridges, chest freezers and home appliances.
The group’s revenue hit £1.6bn for the financial year ended 31 March 2021, up from £1.02bn the previous year.
Group operating profit also increased £30m, from a £4m loss in 2020.
Major Domestic Appliances in the UK grew by 61 per cent, while Small Domestic Appliances grew by 103 per cent.
During the period, over 1,200 new roles were created across the business.
AO’s Founder and Chief Executive, John Roberts, said: “It’s been a step change year for AO in which we’ve achieved significant strategic, operational and financial progress. The early and bold investments we made in capacity, infrastructure and people returned increased revenues by 62%, and grew Adjusted EBITDA by 191 per cent across the Group. Most importantly, we rose to the challenge for the people who matter most, our customers, and we relished the opportunity to impress two million more of them in the period.
“Delivering brilliantly for customers is at the heart of our mission to become the global destination for electricals. We firmly believe that once people experience a better way to buy electricals, they are unlikely to return to old ways of shopping. Our vertically integrated business model offers substantial operational leverage which means all incremental growth feeds our flywheel, generating cash to invest back into our business for customers.
“Coming out of the pandemic, the direction of travel is firmly with AO, and our proven ability to build scale and drive growth gives us confidence to look towards further European expansion over the next five years.”
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