(Reuters) – Online electricals retailer AO World signalled a robust start to the new financial year on Thursday, after reporting an annual profit that nearly tripled on strong demand for home appliances and office products due to the COVID-19 pandemic.
Shares of the AO World, which sells which sells laptops, washing machines, mobile phones and printers, had more than quadrupled in value in 2020 as the company benefited from Britons working from home during the global health crisis.
Investor focus is now on its expansion plans and how the company is gearing up for the new normal https://www.reuters.com/world/the-great-reboot.
The British company said on Thursday it expects to operate in five countries within the next five years, including its existing markets after investing in the business.
AO World’s adjusted core profit rose to 64 million pounds ($88.36 million) for the year ended March 31 from 22 million pounds a year ago, and it confirmed group sales jumped 62%.
Bigger rival Dixons Carphone also said its annual profit also jumped by a third and reported strong current trading on Wednesday.
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Amy Caren Daniel)
