AO World plc (“the Group” or “AO”), a leading European online electrical retailer, today announces its audited financial results for the year ended 31 March 2019.
- Continued revenue growth in both the UK and Europe with total revenue for the period increasing by 13.3%
to £902.5m (2018: £796.8m); against a backdrop of ongoing weak consumer confidence in a continuingly
competitive market, particularly in the UK:
- Total UK revenue up 10.1% to £749.3m (2018: £680.8m), (up 5.7% on a like for like basis excluding revenues from our newly acquired mobile phones business (“MPD”)).
- Europe revenue for the period increased by 32.2% on a constant currency basis to €173.3m (2018: €131.2m) (in GBP 2019: £153.2m, 2018: £116.0m).
- Group Adjusted EBITDA losses of £0.4m (2018: £3.4m losses).
- UK Adjusted EBITDA improved by 20.9% to £27.4m (2018: £22.6m) (up 14.3% on a like for like basis excluding EBITDA from MPD).
- Europe Adjusted EBITDA losses increase to €31.3m (2018: €29.6m) (in GBP 2019: £27.8m loss; 2018: £26.0m loss) reflecting less progress than expected on product margins and cost pressures from re-configuring driver scheduling arrangements in Germany.
- Group operating loss reduces to £15.2m (2018: £16.2m loss) reflecting an increase in UK operating profit of 28.4% to £14.9m (2018: £11.6m) offset by trading losses incurred in Europe of £30.1m (2018: £27.8m).
- Group net debt position as at 31 March 2019 was £9.0m (2018: net funds of £38.3m); with gross cash of £28.9m (2018: £52.9m). Debt increased over the year to fund the acquisition of MPD and construction of the new Plastics Plant in recycling. Total available liquidity to the Group as at 31 March 2019 of £85.0m.
- Basic loss per share of 3.78p (2018: 2.93p).8 Diluted loss per share of 3.78p (2018: 2.92p).