---
title: "Triple profits for retailer AO World thanks to TV sales of Euro 2024"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-06-27T04:48:17+00:00"
modified: "2024-06-27T04:48:17+00:00"
date: 2024-06-27
canonical: "https://stockmark.it/triple-profits-for-retailer-ao-world-thanks-to-tv-sales-of-euro-2024/"
category: "Business"
categories: ["Business", "Companies"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-06-27T054747.783.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Triple profits for retailer AO World thanks to TV sales of Euro 2024

**Published:** June 27, 2024
**Author:** Stockmark.IT Website
**Categories:** Business, Companies
**Featured image:** ![Soccer goalkeeper diving to save a penalty kick during a match. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-06-27T054747.783.jpg?fit=1200%2C800&quality=89&ssl=1)

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Online electrical goods retailer AO World enjoyed a near tripling of profits, thanks to the booming sales of tumble dryers during the rainy winter and TVs for Euro 2024.

The company attributes the popularity of air fryers to the fact that customers are looking for cheaper alternatives to take-outs in this time of cost of living crisis.

The company’s pre-tax profit rose 186% to £34.3m for the year ending 31 March. This compares to £12m reported in 2023.

It said in its Wednesday update that tumble dryers are among the top sellers due to the heavy rainfall. The Met Office reports that the UK has experienced its eighth wettest winter in record with rainfall 29% above average.

The company also reported that the Euro 2024 football tournament for men had led to a 54% increase in sales this month compared to the previous year.

Sales of heat pump tumble dryers and A-rated appliances, such as cooking appliances, also increased.

The results are a dramatic turnaround from the two-year period when profits dropped to £8m from £64m a year earlier. The business attributed the decline in sales to customers cancelling warranty on products during the current cost-of-living crisis.

In its Wednesday update, AO reported a decrease in the cancellation rate of product protection plans. This had improved profitability.

Profits rose despite a 9% drop in turnover to just under £1bn. AO explained that the company had shifted its focus to profit generation, cash generation, and control of overheads.

Mobile Phones Direct (AO’s mobile division) continued to struggle with new contract declines of 14% compared to last year. It claimed that a suppressed marketplace and increased competition for customers led it to offer “unsustainable discounts” to gain market share.

John Roberts said that AO’s chief executive and founder, John Roberts: “We are making good progress in our profit performance… This is a testimony to our strategic pivot towards focusing on cash generation and profit.”

“We have a simpler and more efficient business, and we perform better than ever before for our customers. We also have excellent and sustainable unit economies. “Our focus is now on delivering profitable growth at the top of the line with a goal to achieve double-digit revenue increases in FY25.”

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