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ONLINE washing machines to TV seller AO World had a decent Christmas in the UK and is showing strong signs of breaking Europe.
UK sales were up 4.4% in the three months to December, but Europe was the standout, with revenue soaring 31.3% over the quarter.
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.”
AO shares were up nearly 4%, by 4.6p to 128.8p, at which price the company is worth £608 million.
The City remains cautious about the company. Shore Capital today repeated its Sell rating on the stock, claiming AO is “subscale” in Europe.It added that AO was also “facing into a more competitive market given Dixons Carphone’s strategic review and an altogether uncertain consumer outlook given the ‘Brexit fog’ that clouds at least the next three months”.
The figures do not include sales from its new acquisition Mobile Phones Direct, which it bought for £32.5 million in November.
