AO World has reported annual sales of £1.039bn for the year to March 31st, 2024, which is down from the previous year but with a significant rise in profit, which was £34.3m, up from £22.3m.
The business had culled non-core channels and loss-making sales while gaining 600,000 new customers and claiming a 15 per cent share of domestic appliance sales. It admitted that its mobile business had flagged but is set to tackle this.
Founder & CEO John Roberts said: We have made good progress on our profit performance in FY24, which is a testament to the success of our strategic pivot to focusing on profit and cash generation. We are now a much simpler, more efficient business and are performing better than ever for customers, with excellent and sustainable unit economics.
“Our focus now is on delivering profitable top-line growth with an ambition for double-digit revenue growth in FY25.”
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