Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Shares of AO World PLC (LON: AO.) fell as much as 14% on Tuesday morning on strong profit-taking after the company reported extremely positive H1 results.
The online retailer saw its sales erupt 53.2% to £717 million in the first half of its fiscal year to September 30. As a result, the company reported a pre-tax profit of £18.3 million, compared to a £5.9 million loss a year earlier.
“This has been a half year like no other. I believe our market has changed as a result, forever. Online is now the dominant retail channel for customers and manufacturers alike. We have grown share across all categories and the results we're announcing today give huge confidence that our business is well set for the future to cement the changes,” founder and chief executive John Roberts said.
Net debt was slashed by 75% to £20 million after generating high revenue on a strong increase in demand.
AO World share price trades about 5% lower at 399.5p after initially falling around 14% to 359.5p on profit-taking.
PEOPLE WHO READ THIS ALSO VIEWED:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .