Electricals specialist AO has upgraded its full-year profit guidance after focusing on delivering “profit and cash generation”.
In the six months to September 30, AO recorded profit before tax of £13m compared to a loss of £12m in the same period last year, which the group said was helped by “removing unprofitable sales” and introducing delivery charges on all deliveries.
Adjusted EBITDA increased to £27m up from £9m last year, but revenue decreased 12% to £482m which the group said was “expected” as it annualises “the actions taken to remove non-core channels and unprofitable sales, and increase gross margins”.
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