UK internet retailer AO World said this morning that it has clocked up earnings of £1.5m, swinging back from a £4.5m loss last year.
The company said its group revenues had grown 23 per cent to £324.76m in the six months to 30 September.
In the UK, its website sales were up 20.8 per cent to £259.4m, and revenue was up 18.7 per cent. It made a £9.4m operating profit in the UK – up from £1.3m last year.
However, the group made an operating loss of £2.8m due to the opening of a new distribution centre in Germany. Its revenue from Europe was up 66.9 per cent to €36.2m (£30.8m).
Shares were down 0.3 per cent in late afternoon trading, at 167.6p.
Why it's interesting
AO World said there will be some "pricing pressure" in the coming months due to the fall in sterling after the Brexit vote, but that it is well-positioned regardless and maintains its full-year guidance.
The business said it will benefit from the growing popularity of online shopping.
The internet retailer has been preparing for Black Friday since November last year, and promised "great deals" for customers.
What AO World said
Chief executive John Roberts said:
AO has made a strong start to the year, with group revenue and profits growing well as we continue to deliver on our long-term strategy. We have made progress in our mission to become the best electrical retailer in Europe, cementing our operations in Europe with the opening of our distribution centre in Germany and launching new categories for customers in both the UK and Europe.