Electrics retailer AO increases outlook for second time this year
Online electrical giant AO has upped its profit guidance for the year to March 2023, the second time the retailer has increased its outlook in as many months.
Crediting a number of cost-cutting measures laid out in its November trading statement, AO said it continues to see traction from initiatives taken by the business to improve margins.
The retailer now expects earnings to be in the range of £37.5m to £45m for the full year, an increase on its previous prediction laid out in January of £30m to £40m, which was itself higher than AO’s November guidance.
AO said that a resilient underlying customer base, along with cost-cutting measures, had delivered higher margins than previously expected.
“The steps we have taken to simplify the business and become more efficient have outperformed expectations and been delivered quicker than expected”, the retailer said.