Shares in the London-listed company rose by more than a tenth in early trading on Thursday.
The retailer, which counts Mike Ashley’s Frasers Group as a major shareholder, has cut a number of jobs and closed its German business as part of its turnaround plan. It added that it expects to report revenues of around £1.04 billion for the year, after its core business returned to growth in the final quarter.John Roberts, chief executive officer and founder of AO, said: “I’m pleased with the clear progress that we’re making after pivoting our focus to profit and cash generation during the 2023 financial year.
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