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Online electrical retailer AO World swung to a profit as government-imposed lockdown measures spurred online shopping.
For the year ended 31 March 2020, the company reported a pre-tax profit of £1.5m, compared with a loss of £20.2m on-year, while revenue increased 15.9% to £1,046.2m.
In the UK, turnover increased by 20.3% to £901.6m from £749.3m.
The company said it had 'experienced 'strong demand and made significant market share gains across many of our key categories from the start of lockdown on 23 March 2020, the impact of which saw sales above our expectations and an improvement to our working capital.'
Looking ahead, the company warned that a weaker economic backdrop could weigh on growth.
'A significant fall in GDP in both the UK and Germany and the level of UK housing transactions, to which our performance is in part linked, may also decline as a result of restrictions in the mortgage market,' the company said.
Still, AO World said it continued to 'expect to achieve positive earnings (EBITDA) in Germany on revenues of about €250m.'