AO World names new chairman as losses increase
AO World has moved to appoint a new chairman as losses deepen at the online electricals retailer.
Pre-tax losses rose from £2.9 million last year to £6.7 million as the firm took a hit from investment in Europe, with AO World citing "investment and trading losses incurred in Germany and start-up costs".
However, UK profits rose from £8.7 million to £13.6 million.
The company also said that Geoff Cooper, currently at Card Factory, will succeed Richard Rose as chairman. Mr Rose, who chaired the retailer for eight years, will step down at the company's AGM next month.
Total revenue for the year grew 25.7% to £599.2 million, with the firm forecasting that its launch into computing will drive sales further.
Chief executive John Roberts said: "We are growing the business as fast as we can safely, expanding in our chosen categories and countries, whilst keeping a tight grip on our culture.
"Computing is a natural extension of our current categories and there is good potential for cross-selling to our existing customer base, making it an exciting opportunity for the business."