By Jonathan Davies
Online domestic appliance retailer AO World has reduced its losses despite a "challenging" trading environment.
The retailer reported pre-tax losses of £2.9 million, down from £7.5m a year earlier. It issued a profit warning in February, reducing expectations for the results.
There was more positive news in terms of revenues, which were up 24% to £477m. And AO World said it was on-track with plans for the new financial year.
AO World floated on the stock market last year and stunned investors by being valued at £1.2bn despite having reported profits of less than £8m.
"Despite missing our financial expectations for the year, we have continued to take market share in the UK," said AO World chief executive John Roberts.
