November 19, 2019 / 7:20 AM / a month ago

Britain's AO World to close Netherlands operation

LONDON, Nov 19 (Reuters) - British online electricals retailer AO World said on Tuesday it would close its Netherlands operation and reported wider first-half losses for the group.

AO, which sells washing machines, fridges, cookers and televisions as well as mobile phones, said exiting the Netherlands would enable it to focus on its German business.

The firm said core losses - pre-IFRS 16 group adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) - increased to 6.2 million pounds ($8.04 million) in the six months to Sept. 30.

That compared with 5.4 million pounds in the same period last year, with profit growth in the UK more than offset by the European performance. Total revenue increased 16.3% to 470.1 million pounds. ($1 = 0.7712 pounds) (Reporting by James Davey; editing by Kate Holton)

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