LONDON (ShareCast) - (ShareCast News) - Online electrical goods retailer AO World reported 2.5% growth in UK revenue for the three months to the end of June on Friday as it said the trading environment remains challenging
The company said that as reported last month, the major domestic appliances market overall has seen lower volumes year on year in the first quarter. Still, the company posted revenue growth in UK AO website sales of 6.2%.

In addition, it noted the growth has been achieved in the light of a "robust" performance in the comparable period last year, which was partly driven by changes to stamp duty on housing transactions at the end of March 2016.

AO expressed confidence that its own branded sales growth will return to more normalised levels as these factors abate. As it reported growth for overall UK revenue, it said there was an expected reduction in third party website sales and logistic sales year on year as it focuses on the AO brand.

"AO World remains on track with its long-term strategic plan and the board expects results for the full year to fall within the range of market expectations. Customer satisfaction continues to be exceptional in all of our territories and the roll-out of further categories across the UK and Europe continues."

The company said its Europe segment has performed in line with its plan during the first quarter of the new financial year, with year-on-year revenue growth of 57.6% in local currency, or 73.1% on a sterling basis.

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