UK-based electrical retailer AO World has released a pre-close trading update for the 12 months leading up to 31 March 2024 (FY24). 

The retailer expects its adjusted profit before tax (PBT) to be at least at the top of the previously guided range of £28m-£33m ($35m-$41m). 

This comes as the retailer's core business maintained a positive trajectory through the fourth quarter (Q4), and its online platform, AO.com, experienced a return to revenue growth during this quarter.  

The company has seen a revenue increase, with estimates for the full year reaching approximately £1.04bn. 

As the financial year concludes, AO World projects to have net funds exceeding £30m on a pre-IFRS16 basis.  

In addition, the retailer successfully extended its £80m revolving credit facility with existing lenders until April 2027, maintaining the same terms. 

AO World CEO and founder John Roberts said: "I'm pleased with the clear progress that we're making after pivoting our focus to profit and cash generation during the 2023 financial year. As we expected at our half year results, we returned to revenue growth in our core business during Q4 and, as a result, we're entering the new financial year with good momentum.  

“With net funds on our balance sheet and a clear plan, we remain confident in our ability to deliver on our ambition for 10-20% revenue growth in the year ahead and medium-term profit guidance of 5% adjusted PBT margin." 

In its FY24 first half result released last November, AO reported a PBT of £13m ($16.23m).