Fri 11 Jan 2019 07:27 by ukcitymedia.co.uk about : trading updates - 0 Comments - 644 words
· Group revenue up by 8.2%
· UK revenue up by 4.4% and Europe increased by 31.3%
· Highest sales month ever in November
AO World plc ("the Company" or "AO"), a leading European online electrical retailer, today gives a trading update for its third quarter, the three months to 31 December 2018.
AO World remains on track to deliver its long-term strategic plan and the Board's expectations for the full year remain unchanged.
Overall Group Revenue increased by 8.2% compared to the same period last year.
Customers responded positively to AO's UK seasonal Black Friday offer. This peak trading period continues to be popular with our customers and we are pleased with our performance. Our offering of Black Friday deals over a longer time period in November was well received by customers, sales flow was smoother and our margins improved. This contributed to overall UK revenue growth of 4.4% for the quarter.
Revenue growth in our European business was 31.3% for the quarter on a constant currency basis, (31.2% in GBP). As anticipated, this was stronger than our Q2 growth rates as we returned during the period to underlying growth levels following the impact of changes made to our driver operating model during the first half of FY19.
As previously announced the Company completed the acquisition of Mobile Phones Direct Ltd on 17 December 2018, in line with our strategy broadening the categories offered for sale in our UK business. The revenue figures in this announcement exclude the newly acquired entity.
AO World Chief Executive, Steve Caunce, said: "Against a challenging backdrop, Q3 represents a solid performance across the AO Group. We are on track with our plans as we continue to provide a great proposition for our customers. I am particularly proud of the hard work of the teams in the UK and Europe in this critical trading period which saw a record numbers of customers choose AO for their Black Friday and seasonal electricals purchases."
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