AO.com has seen its shares jump 6.5 per cent after revenues rose by more than a half over lockdown thanks to “sustained demand” for electrical goods.
The online electricals retailer saw UK revenues shoot up 58.9 per cent to £401.3 million year-on-year in the four months to July.
This was mirrored in its other market Germany where sales rose a whopping 91.5 per cent to €74.3 million.
AO said that this spike in demand had continued despite the reopening of physical “competitor stores” in July, demonstrating a permanent “structural shift in demand” for buying electrical goods online.
“The demand for AO’s products and services has been sustained since competitor stores started to re-open at the beginning of July,” it added.
“This reaffirms our belief that this is a structural shift in demand where customers have found a better way to shop the electricals category.
“We remain cognisant of the significant level of economic and customer uncertainty driven by both Covid-19 and the prospect of Brexit in December and the impact this may have on demand for electricals in the medium-term.”