Business
FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2024
FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2024.
About this update from Ao World Plc
[{"type":"text","content":"\n\n26 June 2024\n \n AO WORLD PLC\nFINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2024\n \n OUTSTANDING PROFIT PERFORMANCE\nEXITING THE YEAR WITH REVENUE GROWTH IN AO.COM\n \nAO World plc (\"AO\" or \"the Group\"), the UK's most trusted electrical retailer, today announces its audited financial results for the financial year ended 31 March 2024 (\"FY24\").\n \nThe strong profit performance above the top end of the previous range illustrates the successful execution of the groups plan to pivot the business to focus on profit and cash generation. This now provides a strong foundation as the business moves back to being a double digit revenue growth business in the year ahead.\n \n\n\n\n\n£(m) 1\n\n\nFY24\n\n\nFY23\n\n\n% Mvmt\n\n\n\n\nRevenue\n\n\n1,039\n\n\n1,139\n\n\n(9%)\n\n\n\n\nOperating profit\n\n\n36.2\n\n\n12.5\n\n\n192%\n\n\n\n\nAdjusted profit before tax2\n\n\n34.3\n\n\n12.0\n\n\n186%\n\n\n\n\nBasic earnings/ (loss) per share\n\n\n4.29\n\n\n1.13\n\n\n280%\n\n\n\n\nNet funds 3\n\n\n34.4\n\n\n3.6\n\n\n855%\n\n\n\n\n \nFinancial highlights \n· Good progress on profit performance delivered in the year - Adjusted profit before tax of £34.3m, up £22.3m YoY, with a PBT margin of 3.3%.\n· Revenue performance was as expected following the decisive actions taken to remove non-core channels and loss-making sales and returning to growth in Q4.\n· Strengthened the balance sheet, with overall liquidity4 of £116m (2023: £89m) at 31 March 2024, and net funds of £34.4m (2023: £3.6m).\n· £80m Revolving Credit Facility extended until April 2027.\nOperational highlights\n· Strategic pivot to focus on profit and cash generation successfully delivered, with continued focus on driving efficiencies and controlling overheads.\n· AO remains a UK market leader in Major Domestic Appliances (\"MDA\") with a 15% total market share.\n· Over 600,000 new customers5 experienced the AO Way during the year, with repeat customers (who accounted for 54% of...