AO World shares lifted by reassuring update

Investors cheered a reassuring update from electricals seller AO World, which revealed revenues had grown around 14pc to £800m in the year to March, despite reducing its advertising spending in its core UK market and noting that trading conditions were “challenging”. The Bolton-based firm said revenue was up around 55pc in the year in its European unit, which is much smaller than the UK division. AO World closed up 13pc at 129.8p. Over the past 12 months, shares are down 3.9pc.