Internet appliance retailer AO reported group revenue growth of 9.9% to £404.2million in its interim results for the six months ended September 30, 2018, despite a “declining UK MDA market.”
Website sales for the UK were up 4.3% to £294.3million and total UK revenue was reported up 5.7% to £334.8million.
In the UK, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was £6.9million, as opposed to £7.4million which had been impacted by “lower than anticipated MDA sales.”
However, AO reports its market share was maintained in its core UK MDA category and its customers now exceed 5million in the UK.
AO chief executive Steve Caunce commented: “While our core UK and Germany MDA markets have been challenging, with the UK MDA market becoming tougher than expected.
“We take encouragement that we are at least maintaining market share in this core category in the UK and growing significantly in Germany.”
He continued stating: “We expect full-year results to fall within the range of board expectations, albeit more second-half weighted than previously anticipated.”