Online home appliances retailer AO World says it "remains on track" to meet its long-term sales targets despite the uncertainty created by the Brexit vote. Sales in the UK were up 25% in the three months to 30 June compared to the same period a year ago, helped by increased brand recognition.

The UK voted to leave the European Union on 23 June and surveys published since then have indicated a drop in consumer confidence. AO World also said revenues in Europe had doubled in euro terms on the back of improved cost effectiveness.

More from IBTimes UK

Its share price opened 8% higher in London on 21 July.

"The business remains on track with its long-term strategic plan. Customer satisfaction continues to be exceptional in all of our territories," the firm's chairman Richard Rose said in a trading statement.

"We are encouraged to report that momentum in the UK has continued, particularly with regards to gross margin and marketing costs.

"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."

AO World had posted pre-tax losses of £6.7m (€8m; $8.9m) in the year to March 2016.

The company floated on the London Stock Exchange in February last year with a market capitalisation of £1.2bn.

Brexit EU Referendum