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Online electrical retailer AO World reported a sharp increase in annual profit as revenue was driven by the continued shift to online shopping
For the year ended 31 March 2021, pre-tax profit jumped 1,900% to £20 million year-on-year as revenue increased 62% to £1.66 billion.
In the UK, major domestic appliances sales grew 61%, driven by demand for larger fridges, chest freezers and other home appliances.
In Germany, product revenue grew 82% to £221 million.
'Coming out of the pandemic, the direction of travel is firmly with AO, and our proven ability to build scale and drive growth gives us confidence to look towards further European expansion over the next five years,' the company said.
'To build on this continuing channel shift and to realise our continued growth ambitions, we plan to make significant investment in further enhancing our customer experience, with a £30m incremental investment in marketing and digital content in the coming year,' it added.