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Ocado posts second year of profits

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Ocado managed to increase customer numbers last year despite the supermarket price war that has had UK grocers in its grip.

The online grocer recorded its second consecutive year of full year profits before tax. Retail revenue grew 14% to £1.1bn in the year to November 29, while pre-tax profits grew 65% to £11.9m

Ocado had been hinting at a deal to expand internationally last year but has yet to confirm any partnerships. Supposedly, talks with “multiple potential international partners ” continue.

Chief Executive Officer Tim Steiner remained buoyant about 2016 and said in a statement:

"We are pleased to announce results today which illustrate the progress Ocado has made through its clear focus on innovation and customer service. The continued enhancement of Ocado’s industry-leading technology and investment into our retail proposition over the course of the year has meant our customers now have greater choice, competitive prices and consistently high order accuracy and on-time delivery. As a result, customer numbers grew, reflected in strong revenue growth in a very challenging market environment."

Published on Tuesday 02 February by Veebs Sabharwal

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