AO World, the British online electricals retailer that last month forged a strategic alliance with Mike Ashley's Frasers, said profit recovered in its 2022-23 year as it benefited from a plan to reduce costs and improve margins.
The group sells products such as cookers, fridges and washing machines.
It said today it made adjusted core earnings, or EBITDA, of £45m in the year to March 31, in line with guidance and up from £23m in 2021-22.
The company said its revenue fell 17% to £1.14 billion.
AO's shares have increased 55% so far this year.
It said it made an EBITDA margin of 4% and looking to the new financial year said it was confident of delivering on its 5% EBITDA margin ambition in the short term and returning to top line growth in the medium term.
"Our strategy now is to invest prudently in the business, seize the significant market opportunities that we see in front of us, leveraging our growing and loyal customer base," it said.
Sportswear and fashion retailer Frasers has amassed a 22.2% stake in AO.
Sainsbury's unit Argos earlier this week reported a 5.1% rise in sales in its latest quarter, benefiting from strong consumer electronics sales.
Currys, Britain's biggest electricals retailer, will report annual results tomorrow.
Frasers has also recently built a 10.4% stake in Currys and says it is a "supportive" holder.
