Online electrical retailer AO World said it expected adjusted core earnings to be £35m – £50m, driven by the peak Christmas trading period and despite the severe shortage of delivery drivers in the UK.
The company said group revenues for the six months to September 30 grew 5% year on year and 66% on a two year basis.
In the UK, revenues rose 6%, year on year, impacted by the nationwide shortage of delivery drivers and ongoing disruption in the global supply chain. In Germany, revenues rose 3% despite the competitive online market. Om a two-year basis they were up 63% and 84% respectively.
“The challenging market dynamics in both the UK and Germany resulted in lower volumes than expected which affected operational leverage, particularly in the second quarter,” the company said on Friday.
“Whilst the macro-outlook remains uncertain, we have confidence in the proven resilience of our business model and are well placed to meet customer demand in our peak third quarter sales period.”