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UK DIY News Returns To Revenue Growth In Q4

AO new van
  • PBT guidance increased
  • returns to revenue growth in Q4

AO World plc ("the Company" or "AO"), the UK's most trusted electricals retailer, today issues the following pre-close update for the 12 months to 31 March 2024.

Estimated revenues1 for the full year to 31 March 2024 are expected to be circa £1.04bn.  Our core business continues to trade positively through Q4, and has returned to revenue growth during the quarter as expected.

We now expect adjusted profit before2 tax for FY24 to be at least at the top of the previously guided range of £28-£33m.

At the period end we expect to have net funds on a pre IFRS16 basis of over £30m. The Company's £80m revolving credit facility has been extended with existing lenders to April 2027 on the same terms. 

John Roberts, CEO and Founder, commented:

"I'm pleased with the clear progress that we're making after pivoting our focus to profit and cash generation during the 2023 financial year. As we expected at our half year results, we returned to revenue growth in our core business during Q4 and, as a result, we're entering the new financial year with good momentum. With net funds on our balance sheet and a clear plan, we remain confident in our ability to deliver on our ambition for 10-20% revenue growth in the year ahead and medium-term profit guidance of 5% adjusted PBT margin." 

AO expects to publish its Full Year Results to 31 March 2024 on 26 June 2024.

Source : AO World plc

1 Based on unaudited management accounts. AO World's financial year FY24 runs from 1 April 2023 to 31 March 2024.

2 Adjusted PBT is defined as a profit/(loss) before tax, adjusted for any non-recurring items as defined by the Board

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28 March 2024

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