Online electricals retailer AO World has posted widened half-year losses after sales fell and cautioned trading will be remain under pressure amid the cost-of-living crisis and supply chain woes.
The group reported pre-tax losses of £12 million for the six months to September 30, against losses of £4 million a year earlier, as revenues tumbled 17%.
Founder and chief executive John Roberts said the firm’s turnaround plan to strip out costs was paying off as it revealed full-year underlying earnings would now be at the top end of the £20 million to £30 million previous guidance. AO World said: “We are, of course, not immune to the challenging and uncertain consumer environment, and we expect to continue to be impacted by both the cost-of-living crisis affecting consumer spending as well as by ongoing supply chain issues.”
