AO World: Customer-centric strategy drives H127 profits

🔥 Strong H127 trading. Revenue is expected to rise 5.5% and Adj. PBT by over 20% to £21.5m, supported by AO's continued 4.9/5 Trustpilot rating. 📸 Jessops adds a new growth avenue. The acquisition expands AO into specialist photography and complements the group's recommerce strategy through Camera Jungle and musicMagpie. 🎯 Forecasts unchanged. Despite the strong first half, FY27 expectations are maintained as AO continues to invest for growth and faces tougher H2 comparisons. 💷 Valuation remains attractive. Shares trade on 12.6x cal 2027 PER and c.10% FCF yield, well below our 170p Fair Value.