AO World revenue drops 12% for the six months to 30 September 2023. Credit: Wirestock Creators via Shutterstock.com.

UK-based electrical retailer AO World (AO) has reported a profit before tax (PBT) of £13m ($16.23m) in the first half (H1) of fiscal year (FY) 2024 (FY2024), despite a loss before tax of £12m in H1 FY2023.

The retailer’s operating profit for the first half was £15m compared to an operating loss of £9m a year ago.

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AO delivered basic earnings per share of £1.64 in H1 FY2024, compared to a loss per share of £2.14 in H1 FY2023.

Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 205% to £27m from £9m a year ago.

Adjusted EBITDA margin was 5.6% compared to last year.

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For the six months which ended 30 September 2023, the company generated £482m in revenue.

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This is a decrease of 12% from £546m in the corresponding period last financial year.

AO founder and chief executive John Roberts said: “We have generated more profit in the first half of this year than we did in the whole of last year and are also upgrading our profit expectations for the remainder of FY2024.  

“As we anticipated, sales have reduced year on year as we continue to annualise the actions that we’ve taken to remove non-core channels and unprofitable sales from the business. However, we expect to end the year having returned to run rate revenue growth.” 

Despite the ongoing cost of living crisis and geopolitical events, the retailer raised its full-year PBT from previous guidance of £28m to between £28m and £33m.

It also expects revenue to drop by around -10% year-on-year.

Roberts added: “We look forward with cautious optimism, given the macro challenges, as we turn our attention back to delivering profitable revenue growth to drive our operational gearing.”