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AO World shares surge on profit upgrade, first buyback
(Sharecast News) - Shares in AO World surged on Monday as the UK electrical retailer ticked up the lower end of earnings guidance and announced its first-ever share buyback on the back of strong cash generation. Full-year adjusted profit before tax is now expected to be £45m - 50m, up from prior guidance of £40m - 50m. Group revenue is expected to be up 13% with retail sales up 11%.
In a trading update, the company said it would buy back £10m in shares after generating £70m in cash with a revolving credit facility of £120m still undrawn. AO World shares soared more than 11% in early London trade.
Founder and chief executive John Roberts said the company's ongoing efforts to broaden its product range was an "increasingly key driver of our performance".
Reporting by Frank Prenesti for Sharecast.com
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