AO World is reaping the rewards from its cost-cutting drive and as a result has raised its profit forecast to between £28m and £33m which is up from the £28m communicated in July. Its interim results for the six months to 30 September 2023 showed profit before tax of £13m as compared with the £12m pre tax loss for the same period last year. It had seen revenues for the period fall to £482m having removed unprofitable sales and had applied charges for all deliveries, whilst achieving a reduction in warehousing and administrative costs.
John Roberts, CEO, commented: “I am very pleased with the clear progress that we are making as a result of our strategic pivot to focusing on profit and cash.
“We have generated more profit in the first half of this year than we did in the whole of last year, and are also upgrading our profit expectations for the remainder of FY24”.
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