Business

AO World online appliance retailer's shares jump 11%

washing machines Image copyright Reuters

Shares in online domestic appliance retailer AO World have jumped 11% after it released a trading statement saying the business was performing strongly.

The company, which is already the UK's biggest in its field, said it was adding to its market share.

The statement comes two years after the company listed on the stock exchange and a year after it issued a profit warning.

It said it expects full-year UK revenues to grow by about 18.5%.

The business also operates in Germany, and began selling in the Netherlands at the start of this month.

AO World floated on the stock exchange in February last year. Its valuation at the time - a market capitalisation of £1.2bn - stunned the City.

Although the statement has given the shares a boost, at 191p they are still around 30% below their 285p flotation price.

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