Online electronics retailer AO World has seen continued revenue growth despite a widening in losses, it emerged today after its full-year results were published.
The company had operation losses of £16.2m, wider than the £12m fall in the previous financial year.
Yet the picture was not all bleak, as revenues climbed nearly 13.6 per cent, from £629.7m to £796.8m, with an 8.1 per cent rise UK website sales to £680.8m.
Why it's interesting
Continued investment in Europe, along with rising costs of marketing at home, mean the losses were widely expected by analysts.
Converting higher sales into profitability has proven difficult for the firm, but AO World's British sales have remained resilient in a struggling UK market.
The company insists that its Europe operations are on track to achieve a profitable run-rate during 2021.
What AO World said
Chief executive Steve Caunce said: "The new financial year has started well in both the UK and Europe, with UK revenue growth returning to double-digit levels against prior year.
"Whilst we remain cautious on outlook given economic and competitive pressures on the UK electricals market we are confident of achieving our stated goals of future growth in the years ahead."