Bolton-headquartered online electricals retailer AO World has reported record revenues.
The shift to online retail as a result of the COVID-19 pandemic saw its annual revenues hit £1.66 billion, up 62%, as it added two million new customers.
Adjusted EBITDA for the FY 2021 (ending 31st March) is expected to be £63-72m, a huge increase from £19.6m in FY 2020.
The listed group said it had “capitalised on the challenges and opportunities presented by the COVID pandemic”.
It also said its German business achieved run rate profitability in Q3 and is expected to generate profits in the current financial year.
“Over the period, government support was either repaid or not claimed and had no impact on profitability,” stated the company.
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John Roberts, AO founder and CEO, said: “I am delighted to report a year of outstanding financial, operational and strategic progress.
“The last 12 months have been like no other and we have been very proud to rise to the challenges for our customers – keeping their lives powering on with essential electrical and technology products.
“We were brave and bold in our capacity and infrastructure investments early in the year and now look forward to building on that scale advantage.
“I believe that these market dynamics will stick and, whilst there is inevitable uncertainty, the direction of travel is firmly with AO and the business model we have spent more than 20 years building.
“I expect that we will continue to be a double-digit growth business in the year ahead, even now as we lap the tough comparatives from last year with physical stores open.”