AO World shares surge 20% thanks to strong UK & German trading

AO World shares surge 20% thanks to strong UK & German trading

AO World shares (LON: AO) jumped over 20% as sales surged by 57% in the six months till the end of September.

The European online electrical retailer revenue in Germany increase by 87% whilst UK revenue grew by 54%.

AO World said they saw a significant shift to online sales over the course of the pandemic. Most brick-and-mortar stores reopened in July but the group saw continued from Q1 throughout Q2.

John Roberts, the chief executive, said: “The last six months of trading have been like no other during my two decades in the business. AO was in good shape coming into this financial year and the global, structural shift in customer behaviour to online, accelerated by Covid, emphasised our strengths.

“The progress that we’ve made in Germany gives us the platform and confidence to grow. We remain excited by the opportunities ahead and ambitious to realise them.

“Whilst we remain mindful of the uncertain economic climate caused by the pandemic and Brexit, we are on track with plans and well set for our biggest ever peak trading period in the UK and Germany.”

The Group will announce its interim results for the six months ended 30 September 2020 on 24 November.

AO World shares (LON: AO) are trading +21.17% at 280,50 (1222GMT).