AO World has posted annual revenues of £1.56bn for the year ended 31st March 2022 which was down from £1.66bn for the year prior. It recorded a statutory pre-tax loss of £37m against the £30m profit it generated to 31 March 2021.
The business said that its results had been impacted by increased staff costs added during the Covid pandemic in the second half of 2021, as well as increased marketing and logistics costs. It added that Q1 2023 has remained broadly in line with the board’s expectations, with revenues in the range of £1bn to £1.25bn.
In July AO had raised more than £40m through a placing and primary bid offer to support the business as it continues to turn the business back to profit.
CEO John Roberts said in July: “We are very pleased with the level of support that we have received from investors. This is a strong endorsement of our strategy to create value by offering our customers brilliant customer service and make AO the destination for everything they need when buying electricals. Notwithstanding the current macroeconomic conditions, we see significant long-term growth opportunities for AO in the UK and this placing will help us to realise them.”