AO World plc returned to revenue growth in the final quarter of the financial year as annual turnover topped £1 billion.

Estimated revenues for the 12 months to 31st March 2024 are expected to be circa £1.04bn at the online electricals retailer headquartered in Bolton.

It expects adjusted profit before tax for the year to be “at least at the top of the previously guided range of £28-£33 million”.

The company’s £80m revolving credit facility has been extended with existing lenders to April 2027 on the same terms.

“I’m pleased with the clear progress that we’re making after pivoting our focus to profit and cash generation during the 2023 financial year,” said John Roberts, CEO and founder.

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“As we expected at our half-year results, we returned to revenue growth in our core business during Q4 and, as a result, we’re entering the new financial year with good momentum. 

“With net funds [of £30m] on our balance sheet and a clear plan, we remain confident in our ability to deliver on our ambition for 10-20% revenue growth in the year ahead and medium-term profit guidance of 5% adjusted PBT margin.”

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