At its AGM, AO World, the online electricals retailer, revealed that in the first quarter of its financial year the company was doing well.

Figures show that UK revenue increased 25%, whilst AO UK branded sales rose 29% year-on-year from 1st April to 30th June. The company added that progress in its European division was "pleasing".

Richard Rose, AO chairman, said: "The business remains on track with its long-term strategic plan. Customer satisfaction continues to be exceptional in all of our territories, and development of the UK computing and German audio-visual categories progresses as we look forward to launching them for our customers later this year. Our brand awareness continues to grow, underpinned by our unique culture, values and proposition.”

The company added that progress in Europe was “pleasing” with revenue in Euros increasing 101% year-on-year. The company’s full year expectations stay in line with previous guidance for the European business.

Mr Rose continued: “We are mindful of recent economic uncertainty following Brexit and its potential effect on consumer confidence and foreign exchange exposure of our suppliers but, despite this, our expectations for the UK business, over the whole financial year, remain unchanged.”