(Finance) – Ao Worlda British electronics retailer, closed the first half of its fiscal year 2024 (ending September 30, 2023) with revenues down 12% to 482 million pounds, an Adjusted EBITDA of 27 million pounds (+205%) and a profit before tax of 13 million pounds (vs. loss of 12 million a year ago).
“I am very pleased with the clear progress we are making as a result of our strategic pivot focused on profit and liquidity – commented the CEO John Roberts – We generated more profit in the first half of this year than we did in all of last year, and we are also raising our profit expectations for the remainder of fiscal 24.”
“As we anticipated, sales have declined year over year as we continue to annualize the actions we have taken to remove non-core channels and unprofitable sales from the business – he added – However, we expect to end the year with revenues returning to normal levels of growth”.
Ao World has improved guidance on profit before tax for FY24 to between £28m and £33m.