AO World pins its hopes on a winning World Cup run for England to boost flagging TV sales

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AO World is pinning its hopes on the World Cup to increase TV sales.

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England got off to a great start this week with a 6-2 win over Iran, raising hopes that the Three Lions can do well in the tournament.

And AO founder and CEO John Roberts said England’s progress into the latter stages of the World Cup is likely to lead to an increase in TV demand.

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Football fever: AO founder and chief executive John Roberts said progress by England in the latter stages of the World Cup was likely to drive TV demand

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‘Any World Cup gives our business really positive momentum around selling things like TVs,’ he said.

‘ahead [England] Go to the competition, we usually sell more TV.’ ao shares rose 16.8 per cent or 8.8p to 61.15p.

The start of the World Cup comes after a difficult first six months of the year for AO, in which the key home appliance market fell 11 percent compared to 2021.

Revenue fell by 17 per cent to £546 million in the six months to September due to measures taken by AO to streamline its business, as well as a slump in the electricals market.

The group’s losses also tripled during this period to £12 million. In another warning, the AO said that his business would continue to be hit by the cost of living crisis and the fall in consumer spending.

But the Bolton-based company outlined plans to focus on the UK market and downsize the business.

It is in the process of discontinuing operations in Germany.

The AO stated that the sales for the year should be in line with the forecasts while the profits should exceed expectations.

The group is also looking to foray into TVs, laptops, audio visual and small home appliances.

“During the first six months of the year, we have made good progress with our strategic realignment focused on profitability and cash generation, all of which are delivering the results we expect,” Roberts said.

‘We have now closed loss-making and cash-consuming parts of our operations, meaning the remaining UK business is cash-generative, and successfully closed our German business with minimal cash impact to the wider group. are doing.

‘I am pleased with this progress, especially against the backdrop of an exceptionally difficult macro-economic environment.’

AO World pins its hopes on a winning World Cup run for England to boost flagging TV sales

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