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AO World swings to loss in fiscal H2

AO World PLC said its normalized net income for the fiscal second half ended March 31 amounted to a loss of £3.1 million, compared with income of £3.6 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue increased 22.8% year over year to £259.6 million from £211.4 million, and total operating expenses increased 28.4% on an annual basis to £264.0 million from £205.5 million.

Reported net income totaled a loss of £3.0 million, or a loss of 1 pence per share, compared to a loss of £11.2 million, or a loss of 3 pence per share, in the prior-year period.

For the year, the company's normalized net income totaled £1.8 million, compared with income of £4.9 million in the prior year.

Full-year total revenue rose 23.8% from the prior-year period to £476.7 million from £384.9 million, and total operating expenses increased 27.1% on an annual basis to £478.9 million from £376.7 million.

The company said reported net income came to a loss of £2.5 million, or a loss of 1 pence per share, in the full year, compared with a loss of £9.6 million, or a loss of 2 pence per share, the prior year.