AO World plc Response to Recent Press Reports (2380R)
04 Julho 2022 - 9:53AM
UK Regulatory
TIDMAO.
RNS Number : 2380R
AO World plc
04 July 2022
4 July 2022
AO WORLD PLC
Response to Recent Press Reports
AO World plc ("AO" or the "Company"), a leading online
electricals retailer, notes today's share price movement following
press reports over the weekend. The Company's current financial
performance and financial position remain in line with the Board's
expectations and the guidance set out in its trading update on 29
April 2022.
AO confirms that it is aware that one of the third-party credit
insurers who provide credit insurance to some of its suppliers
rebased their cover in May 2022 with respect to AO, reflecting
post-Covid sales levels. This was a reduction from the heightened
levels that had been in place and required through the period of
the pandemic. To date this rebased cover has had no effect on AO's
liquidity position which remains in-line with the Board's
expectations for FY23.
On 9 June 2022, AO announced the decision to close its German
operations. Progress to date has been encouraging with total cash
costs of closure now expected to be towards the lower end of the
Company's original estimates of nil to GBP15m. The higher end of
that range assumes the Company would be unable to exit certain
asset leases, of which c. GBP10m of cash outflow would be due in
future years.
AO continues to have full access to its GBP80m revolving credit
facility, the term of which runs until April 2024. In addition, the
Company continues to consider and implement a number of ongoing
initiatives and further actions to strengthen its balance sheet
while optimising its focus on profit and cash generation against
the uncertain macroeconomic conditions in the UK and the continuing
global supply chain challenges.
Enquiries
AO World plc Tel: +44 (0)7525 147 877
John Roberts, Founder and Chief IR@AO.com
Executive
Mark Higgins, Group CFO
Cynthia Alers, Investor Relations Director
Powerscourt Tel: +44 (0)20 7250 1446
Rob Greening ao@powerscourt-group.com
Nick Hayns
Elizabeth Kittle
About AO
AO World plc, headquartered in Bolton and a constituent of
the FTSE Small Cap index, is a leading online electricals
retailer in the UK. Our strategy is to create value by offering
our customers brilliant customer service and making AO the
destination for everything they need, in the simplest and
easiest way, when buying electricals, including major and
small domestic appliances and a growing range of mobile phones,
AV, consumer electricals and laptops.
We deliver for our customers via our in-house logistics business
and carefully selected third parties. We also provide ancillary
services such as the installation of new products and recycling
of old products as well as offering product protection plans
and customer finance. AO Business serves the B2B market in
the UK, providing electricals and installation services at
scale. AO also has a majority equity stake in AO Recycling,
a WEEE processing facility, allowing AO to ensure its customers'
electronic waste is dealt with responsibly.
Cautionary statement
This announcement contains certain forward-looking statements
(including beliefs or opinions) with respect to the operations,
performance and financial condition of the Company and its
subsidiary undertakings. These statements are based on current
expectations or beliefs, as well as assumptions about future
events. By their nature, future events and circumstances can
cause results and developments to differ materially from those
anticipated. Except as is required by applicable laws, no
undertaking is given to update the forward-looking statements
contained in this document, whether as a result of new information,
future events or otherwise.
ENDS
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END
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(END) Dow Jones Newswires
July 04, 2022 08:53 ET (12:53 GMT)
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