AO.com has increased its profit guidance for the year to March 2023 hailing higher retail gross margins.
The online electricals retailer has increased its profit guidance for FY22 and now expects to make an adjusted EBITDA in the range of £37.5m to £45m.
The retailer said it has benefited from initiatives it took to reduce costs and improve margins, and hopes to enjoy higher retail gross margins for the remaining five weeks of the financial year.
In a financial trading update last month, AO announced a profit guidance in the range of £30m to £40m.
AO said: “The steps we have taken to simplify the business and become more efficient have outperformed expectations and been delivered quicker than expected.”
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