Ocado reports narrowed first half loss
Ocado has said it is continuing to make financial, operational and strategic progress as it announced that its first half loss had narrowed.
In the 26 weeks to 2 June, the online grocer posted a pre-tax loss of £153.9 million compared to a loss of £289.5 million in the same period in the prior year.
Revenue across the group increased by 12.6% to £1.54 billion as Ocado’s technology solutions arm saw growth of 21.8% to £241.44 million.
Meanwhile, Ocado Retail, the group’s joint venture with Marks & Spencer, saw sales growth of 11.3% to £1.3 billion after average orders per week climbed by 9.2% to 428,000.
Tim Steiner, chief executive officer of Ocado Group, said: “Today’s results illustrate good progress as we support thirteen of the world’s leading grocers to grow their online business with our technology.
“We have come through an unprecedented period for online grocery, with multiple years of high food inflation following a surge in demand during the pandemic.
“The global channel shift to online has now resumed and Ocado is uniquely well-positioned to take advantage of the opportunity.”
