SHARES IN newly-listed fridge seller AO World steadied yesterday after the firm’s maiden trading update confirmed it was on track to deliver 40 per cent revenue growth.
AO, which floated in February, has been routed this week along with other tech stocks in London and the US on fears that a bubble was forming within the industry.
The internet retailer said yesterday trading for the year to the end of March had been in line with expectations, as unaudited revenue growth came in 40 per cent ahead of last year.
Shares in AO World closed down 0.9 per cent at 280p. The firm debuted at 285p a share before soaring as high as 378p. At yesterday’s price, the firm will be eligible for inclusion in the FTSE 250 index at the next reshuffle.
Meanwhile, shares in online takeaway service Just Eat fell a further 3.5 per cent yesterday and clothing giant Asos slumped more than five per cent. But Boohoo, another online fashion chain, recovered 4.9 per cent.