Annual Report 2024
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Year in Review
We are pleased to report on a year of strong performance.
Our strategic pivot has been well executed, driven by our relentless focus on our cost base and reduction of waste, along with driving operational excellence and leveraging the benefits of being vertically integrated. All underpinned by our unwavering obsession with customer satisfaction.
AO’s Founder and Chief Executive, John Roberts, said:
“All AOers have worked tirelessly to deliver this performance and I would like to thank them all. As ever, I’m also extremely grateful to our suppliers, partners and shareholders for their ongoing support. Our focus is on delivering profitable top line growth with an ambition for double digit revenue growth in FY25.”
Financial highlights
- Good progress on profit performance delivered in the year – Adjusted profit before tax of £34.3m, up £22.3m YoY, with a PBT margin of 3.3%
- Revenue performance was as expected following the decisive actions taken to remove non-core channels and loss-making sales and returning to growth in Q4
- Strengthened the balance sheet, with overall liquidity of £116m (2023: £89m) at 31 March 2024, and net funds of £34.4m (2023: £3.6m)
- £80m Revolving Credit Facility extended until April 2027
See our Annual Report for further details
