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Online retailer AO World upbeat as annual profit rises

Published 02/06/2015, 07:36
Online retailer AO World upbeat as annual profit rises
AO
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LONDON (Reuters) - British online domestic appliance retailer AO World (L:AO) reported a jump in annual UK profit on Tuesday and said trading since both at home and in its fledgling German business had been encouraging.

Shares in the firm, which floated last year, tumbled in February after slowed fourth-quarter revenue growth forced it to cut its full-year outlook.

On Tuesday it reported UK adjusted core earnings for the year to March 31 rose 47 percent to 16.5 million pounds, in line with forecasts and its February guidance. Group revenue rose by 24 percent and margins improved.

Taking into account losses related to its recent expansion into Germany, group core earnings fell to 8.5 million pounds.

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