Results round-up

Online electrical retailer AO World reported on Wednesday a 25.7% increase in full year revenue to £599.2, driven by growth in the UK business.

However, as previously guided, the group posted an operating loss of £10.6m, compared to £2.2m the previous year, reflecting investment and trading losses incurred in Germany and start-up costs in other European territories of £2.3m.

The pre-tax loss was £6.7m following a £2.9m loss in the same period the prior year. Its loss per share also widened to 1.44p from 0.60p.

The UK business achieved earnings growth as investment in marketing helped improve brand awareness. The Europe business, however, suffered a loss as it incurred start-up costs.

“While we are mindful of the recent softening of UK consumer confidence and the recent reduction in property transactions, and in Europe we are in still in a start-up phase, the board remains confident in the long-term prospects of the group,” the company said in a statement.

The company also announced the appointment of Geoff Cooper as chairman, to succeed Richard Rose, who will step down in July.

Pre-tax profits at property outfit Workspace Group jumped 8.7% to £391.3m, with revenues up to £101.2m from £83.6m driven by income and capital growth.

The real estate investment company noted the uncertainty caused by the June 23 referendum on UK EU membership, but was confident in the strength of its customer base and business model.

Net rental income rose to £74m from £57.7m and net asset values jumped 31% to 923p.

The final dividend was increased 25% to 10.19p a share making a total for the year of 15.05p.

Workspace said it saw a revaluation uplift of 9.6%, or £143m in the first half of the year and an increase of 10.2% (£165m) in the second half.

“The increase in the second half is despite the adverse impact of the increase in stamp duty introduced in March 2016,” it said.