AO’s results for the six months ended 30 September 2021 show total Group revenue of £760m, representing 6% year on year sales growth and 67% growth compared to the same period in 2019. However, logistical challenges have kept profits low with a £10million loss before tax, compared to £18m profit in the same period last year.
Group revenue growth of 67% over two-year period, including 88% revenue growth in Germany on a local currency basis
Group EBITDA impacted in HY22 by the investments in systems and people (in particular drivers) and increased marketing costs
Group operating loss of £11m (HY21: profit of £16m)
Overall liquidity of £66m (HY21: £161m). Net debt at 30 September 2021 of £102.2m (31 March 2021: £28.1m; 30 September 2020: £20.7m)
Over 780,000 new customers. Reported “notable step changes in post-Covid repeat purchase rates”
c.500 new drivers recruited to meet peak period demand, bringing our fleet up to full strength and easing the previously reported shortage of drivers
Five new outbases opened across UK and Germany; over 300,000 sq ft new warehousing added
Third Party Logistics revenues grew 38.5% with three new contracts in Germany
300,000 Trustpilot ratings, averaging an excellent 4.6 out of 5 stars and Net Promoter Scores averaging over 80
Over 2 million fridges have now been recycled at our AO Recycling facility and we are now working with manufacturers to use our recycled plastic in new products
Growth in the UK has been impacted by the nationwide shortage of delivery drivers and ongoing disruption in the global supply chain
German online market has seen significantly increased competition.
Ongoing supply chain challenges with poor availability in certain categories, particularly in our newer products where we have less scale, experience and leverage.
Shipping costs, material input prices and consumer price inflation remain challenging uncertainties.
Current peak trading period is significantly softer than we anticipated only eight weeks ago.
Expect full year Group revenue to be flat to minus 5% year on year
Expect Group Adjusted EBITDA in the range of £10m to £20m.
These cookies are required for our website to operate and include items such as whether or not to display this pop-up box or your session when logging in to the website. These cookies cannot be disabled.
We use 3rd party services such as Google Analytics to measure the performance of our website. This helps us tailor the site content to our visitors needs.
We may use advertising services that include tracking beacons to allow us to target our visitors with specific adverts on other platforms such as search or social media. These cookies are not required but may improve the services we offer and promote.