AO World bets on the World Cup to boost TV sales

AO World is pinning its hopes on the World Cup to boost TV sales.

England got off to a flying start this week with a 6-2 win over Iran, raising hopes of the Three Lions making a good run in the tournament.

And AO founder and chief executive John Roberts said progress by England in the later stages of the World Cup was likely to boost demand for televisions.

Football fever: John Roberts, founder and CEO of AO, said England's progress in the later stages of the World Cup was likely to boost demand for televisions

Football fever: John Roberts, founder and CEO of AO, said England's progress in the later stages of the World Cup was likely to boost demand for televisions

Football fever: John Roberts, founder and CEO of AO, said England’s progress in the later stages of the World Cup was likely to boost demand for televisions

“Every World Cup gives a really positive boost to our business in terms of selling things like TVs,” he said.

‘The further [England] are going to compete, the more TVs we usually sell.’ AO shares rose 16.8 per cent, or 8.8p, to 61.15p.

The start of the World Cup followed a difficult first half for AO, in which the market for large household appliances collapsed by 11 percent compared to 2021.

Downturns in the electronics market combined with moves by AO to streamline its business resulted in sales falling 17 per cent to £546m in the six months to September.

The group’s losses also tripled to £12million during this period. In another warning, AO said its business will continue to be hit by the cost-of-living crisis and a drop in consumer spending.

However, the Bolton-based company outlined plans to focus on the UK market and downsize the business.

It is in the process of ending operations in Germany.

AO said sales for the year should be in line with guidance, while earnings should beat expectations.

The group also wants to strengthen its position in televisions, laptops, audiovisual equipment and small household appliances.

‘During the first six months of the year we have made good progress with our strategic realignment as we focus on profitability and cash generation, all of which are delivering expected results,’ said Roberts.

‘We have now closed the loss-making and cash-consuming parts of our operations, meaning the remaining UK business is cash-generating, and are successfully closing our German business with minimal cash impact to the broader group.

‘I am pleased with this progress, especially in an exceptionally difficult macroeconomic environment.’

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https://www.soundhealthandlastingwealth.com/business/ao-world-bets-on-the-world-cup-to-boost-tv-sales/ AO World bets on the World Cup to boost TV sales

Brian Ashcraft

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