Founded in 2000 by CEO John Roberts, AO World (“AO”) is the leading online retailer of major domestic appliances (“MDA”) such as washing machines and fridges with 17% market share.

The company also sells a wide variety of small domestic appliances (“SDA”), televisions (“AV”), mobile phones, consumer electricals and laptops. With a focus on brilliant service and two-person delivery, installation and recycling, the group has received over 1m Trustpilot reviews with an impressively high average score of 4.9/5. The group has also invested in its own recycling centre.

24 Sept 2026

Customer-centric strategy drives H127 profits

Strong H127 trading. Revenue is expected to rise 5.5% and Adj. PBT by over 20% to £21.5m, supported by AO's continued 4.9/5 Trustpilot rating.

Jessops adds a new growth avenue. The acquisition expands AO into specialist photography and complements the group's recommerce strategy through Camera Jungle and musicMagpie.

Forecasts unchanged. Despite the strong first half, FY27 expectations are maintained as AO continues to invest for growth and faces tougher H2 comparisons.

Valuation remains attractive. Shares trade on 12.6x cal 2027 PER and c.10% FCF yield, well below our 170p Fair Value.

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