Financial Highlights
Total revenue for the period increased by 25.7% to £599.2m (2015: £476.7m) as UK growth continued and the German business gained traction with customers.
o AO website sales for the UK up 27.7% to £487.1m (2015: £381.5m), with total UK revenue up 18.6% to £558.5m (2015: £470.8m); a further gain in market share.
o Europe revenue for the year was £40.7m/€55.6m (2015: £5.9m/€7.7m).
Group operating loss of £10.6m (2015: £2.2m) as previously guided reflecting investment and trading losses incurred in Germany and start-up costs in other European territories of £2.3m (2015: £4.3m).
UK Adjusted EBITDA of £17.2m (2015: £16.5m), with UK Adjusted EBITDA margin of 3.1% (2015: 3.5%) due to investment in marketing to increase brand awareness and investment in overheads to drive further margin growth in the medium term.
Europe Adjusted EBITDA losses of £21.1m (2015: £8.0m) representing trading losses in our European territories from launch bringing Group Adjusted EBITDA losses to £3.9m (2015: £8.5m EBITDA). The Group was profitable on an Adjusted EBITDA basis in the second half of the year.
Group net funds position as at 31 March 2016 was £25.4m (2015: £37.9m), with cash being £33.4m (2015: £44.9m). Since year end the Group has entered into a five year £30m revolving credit facility with Lloyds Bank plc and Barclays Bank plc for UK working capital purposes.
Loss per share of 1.44p (2015: 0.60p).
