AO continues to deliver growth and reports Germany progress

AO World, the online white and electrical good retailer which floated earlier this year with a market value of £1.6bn, says it is continuing to deliver strong growth.

The Bolton-based company, which launched into the television market just before the World Cup, said like-for-like sales in the three months to the end of June were up 30%.

AO, which earlier this month won four honours at the Paypal Etail Awards in London, including the overall Excellence Award, is holding its first annual meeting as a public company on Thursday.

Chairman Richard Rose will tell investors the business is delivering on its pledge to launch into Germany later this year.

“Our “Broaden” strategy continues on track. Following AO.com’s introduction of the TV category in May, we continue to develop our customer proposition and presence in the current financial year.

“Similarly we continue to make excellent progress in preparing for the launch of ao.de in Germany this financial year and have recently secured office and warehouse premises in the Cologne area, and have been recruiting, inducting and training German staff for our operation there.”

 Mr Rose adds: “Our financial position and trading remain strong and the financial year to date continues to perform in line with our expectations in all respects.”

AO’s shares floated at 285p but have since fallen back, and closed on Wednesday at 243.9p.