online electrical retailer AO World's total revenue for the six months to the endof September increased by 22.9% to £324.7m (2015: £264.3m) as both UK and Europe growth continued.
AO website sales for the UK rose by 20.8% to £259.4m (2015: £214.9m), with total UK revenue up 18.7% to £295.1m (2015: £248.7m).
Europe revenue for the period increased by 66.9% to 36.2m (2015: 21.7m) (in sterling 2016: £29.6m; 2015: £15.6m).
Group Adjusted EBITDA of £1.5m (2015: £4.5m loss).
- UK Adjusted EBITDA rose to £13.1m (2015: £5.1m) driven by improved gross margin and brand awareness which consequently reduced acquisition costs.
- Europe Adjusted EBITDA losses of €14.2m (2015: €13.3m) as the group built scale (in sterling 2016: £11.6m loss; 2015: £9.6m loss).
Chief executive John Roberts said: "AO has made a great 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. Bringing our AO customers computing in the UK and A/V in Germany has been exciting and these are the natural next steps for us to take in the electricals market. We're retailing these categories the "AO Way," offering a simply better customer experience, executed brilliantly by a brand and team that customers and suppliers trust."