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AO World revenue jumps in UK, Germany as 'significant' demand continues
StockMarketWire.com
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Online electrical retailer AO World reported a jump in revenue in the third quarter, as 'significant' demand for its products and services continued to boost growth in the UK and Germany.
For the three months ended 31 December 2020, UK revenue jumped 67.2% to £457.3 million and Germany revenue was up 77.4% to €73.6 million.
AO World's German business was profitable throughout the quarter, as the company experienced its strongest ever peak trading period over the Black Friday period and in the run up to Christmas.
The company said it had incurred 'significantly higher' costs as it negotiated some of the operational challenges of working in a Covid compliant environment, particularly in the reverse supply chain.
'We have also seen a slightly increased rate of cancellation of individual consumers' long term contracts in mobile and warranties, driven by Covid impacts on customers behaviour,' it added.
Story provided by StockMarketWire.com
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