AO World says expectations intact despite Brexit vote

LONDON, July 21 (Reuters) - British online electricals retailer AO World (Other OTC: AOWDF - news) said its full-year expectations were unchanged, despite economic uncertainty following the Brexit vote and its potential effect on consumer confidence and suppliers' foreign exchange exposure.

Britain voted to leave the European Union on June 23 and surveys published since have indicated a dip in consumer confidence.

AO World, which rivals Dixons Carphone (Other OTC: DSITF - news) and Home Retail's Argos, selling everything from washing machines and fridges to vacuum cleaners and TVs, said on Thursday its total UK revenue grew 25 percent in the three months to June 30, its fiscal first quarter, mainly driven by improving brand recognition.

That compares with growth in its 2015-16 year of 18.6 percent.

"Momentum in the UK has continued, particularly with regards to gross margin and marketing costs," said AO.

The firm, which entered Germany in 2014 and launched in the Netherlands in March this year, said overseas revenue in euros increased 101 percent.

AO shares floated at 285 pence in February 2014 and peaked at 412 pence on their listing day. But the stock was badly knocked by a profit warning last year.

The shares closed on Wednesday at 134.4 pence, valuing the business at 562 million pounds ($743 million).

($1 = 0.7560 pounds) (Reporting by James Davey; Editing by Mark Potter)