AO raises profit outlook despite 17% drop in Q3 revenues
AO made a pre-tax loss of £12m for the six months ended September 2022, up from £4m compared with the same period last year
Electronics retailer AO has raised its profit expectations for FY23 despite seeing a 17.2% decrease in revenues across its UK businesses in Q3.
The company now expects its adjusted EBITDA to be between £30m to £40m for the full year.
It also stated that its turnaround plan aimed at cutting costs, detailed in its November update, was beginning to work making profitability run ahead of expectations.
The retailer stated: “We remain cautiously optimistic and yet mindful of the continuing macroeconomic uncertainty and tough consumer environment, whilst also taking into account both the extent to which these and inflationary pressures can impact our contract assets.”
AO made a pre-tax loss of £12m for the six months ended September 2022, up from £4m compared with the same period last year.