AO World benefits from cost cutting
Online electricals retailer AO World, which has its recycling centre at Halesfield, Telford, estimates UK revenue for the year to the end of March was £1.13 billion.
The company says it is continuing to see benefits from its initiatives to reduce costs and improve margins.
AO World's £80 million revolving credit facility has been renewed with HSBC, NatWest, and Barclays, extending to April 2026.
Chief executive and founder John Roberts said: "We are encouraged by the work undertaken to pivot the business during the financial year 2023. AO enters the new financial year with net funds on the balance sheet, a robust trajectory, and full confidence in our ability to deliver on our medium-term profit guidance."
He added that it was anticipated that progress in improving both operational cost efficiencies and margin will continue through the next 12 months and beyond.
AO expects to publish its full year results on July 5.
