Tag Archives: Ao

Frasers ups stake in AO

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Frasers Group has increased its stake in electricals retailer AO World as it launches an £80m share repurchase programme.

The retail group said on Monday that it intends to buy back up to 10 million shares, worth 2% of the company, over the next 11 weeks to 28 April with support from investment banking group Deutsche Numis

Frasers continues its acquisition spree with the group increasing its holding in AO from 23.07% to 24.7% on Tuesday.

The retail empire first snapped up a 19% stake, worth £75m, in the Bolton-based online retailer back in June.

Frasers also holds shares in AO rival Currys, which it said was part of a “strategic investment” as it looks to increase its “foothold in the electricals industry”

AO loss of £37 Million

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Online electrical retailer AO.com posted a full-year pre-tax loss of £37million, compared with a profit of £20million for the same period last year. The group expects sales to fall go £1billion to £1.25billion in its current year, down from £1.56billion last year.The electricals specialist has also signed a new five-year contract with Homebase to supply appliances and installation and recycling services to its customers

AO Pullout from Tesco

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The electricals retailer’s first foray into physical retail, AO.com’s in-store trial with Tesco, has come to an end.

In the fall of 2020, the online retailer opened five concessions within Tesco Extra stores. However, Covid lockdowns interrupted the trial, and the shop-in-shops were cordoned off as they were considered non-essential retail.

AO new Scottish depot

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AO will move to a new home in Scotland – a 20,000 ft site at the Strutherhill Industrial Estate in Larkhall – with opportunities set to arise for delivery drivers.

David Ashwell, managing director at AO Logistics, said: “I’m so pleased that we’re able to invest in Larkhall and move to a bigger site in the area – the rapid expansion of AO Logistics is really a testament to the hard work of our people.

“The new depot is in an ideal location to support our future growth as a business – we’ll be able to serve our customers in South Lanarkshire even better than before and it means we’re securing the best infrastructure for the future.”

AO recycles 5 million household goods

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AO has reported passing a domestic appliances recycling landmark – with five million household goods finding their way into its dedicated AO Recycling facility in five years.

Based in Telford, AO Recycling opened its doors in spring 2017 with the goal of offering domestic appliances recycling services for fridges, washing machines, tumble driers, cookers, dishwashers, and other electricals.

An 80-tonne fridge crunching machine, called Bertha, supports AO with its domestic appliances recycling, with the retailer saying this equipment also collects any harmful gases released from the household goods.

Some of the electricals sent to AO Recycling’s facilities are refurbished to be sold on via trade and outlet shops – and the retailer said more than 200,000 appliances have received a new lease of life so far.

AO World shares dive 24 per cent amid driver shortage and supply chain problems

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Shares in AO World plunged this morning after the online electrical retailer reported an operating loss of £11m in the six months to 30 September 2021, as a shortage of drivers and global supply chain issues stalled growth in the UK.

The disappointing results come a year after the UK-based company recorded an operating profit of £16m for the same period.

AO stock market wipe out

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More than £200m has been wiped off the stock market value of AO World after the online retailer blamed driver shortages and supply chain problems for lower than expected profits.

The warning prompted a sharp sell-off, with investors fearing a reversal of fortunes for the electric goods retailer – one of the star performers of the pandemic when online shopping boomed –