Ocado posts narrowed full year losses
Ocado has posted narrowed full year losses as it reported improvements in the performance of both its retail and technology divisions.
In the year to 1 December, group revenue rose by 14.1% to £3.16 billion as retail revenue climbed by 13.9% to £2.68 billion and technology solutions revenue grew by 18.1% to £496.5 million.
Meanwhile, the online grocer’s pre-tax loss came in £374.5 million compared to £393.7 million in the previous year.
Ocado said the retail sales increase was driven by order growth of 12.5% as it passed the milestones of one million active customers in its first quarter and 500,000 orders per week during the fourth.
Meanwhile, the average Ocado.com basket value edged up 1%, driven by basket size growth of 0.2% and an increase in average selling price of 0.4%.
Never Miss a Retail Update!Tim Steiner, chief executive of Ocado Group, said: “In 2024, we delivered a shift in the potential of robotics and automation to improve retail supply chains.
“Our latest technologies have begun to roll out at scale to Ocado’s global partners. This marked a milestone for our technology, with the already market-leading productivity of an Ocado CFC almost doubling over the course of a
decade.”
He added: “Ocado Retail in the UK continues to lead the way as consistently the fastest growing grocer in the market and reaching one million active shoppers for the first time.”
