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Ocado grows full year sales and profit

Online supermarket Ocado has seen its annual retail sales climb by 14.7% to £1.1 billion with growth driven by a 16.8% rise in full year average orders per week to 195,000.

GENERAL MERCHANDISE

Ocado grows full year sales and profit

The increase in orders was offset by a reduction in average order size, which was down 2.1% from £112.25 in 2014 to £109.95 in 2015.

In the year to 29 November, statutory profit before tax rose by 65.3% to £11.9 million while EBITDA grew by 13.8% to £81.5 million.

Ocado said it continued to build on the strong growth from the prior year of its non-food business with revenue increasing by over 60% year-on-year.

Tim Steiner, chief executive of Ocado, said the results demonstrated the progress Ocado was making through its focus on innovation and customer service.

He added: “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.

"Our ability to package our unique proprietary technology, including our equipment solution, for retail partners outside the UK through our Ocado Smart Platform is proving to be of great interest to a significant number of retailers. We expect to sign multiple deals in multiple territories in the medium term.

"We are transforming the shopping experience for the benefit of our customers in the UK, and expect to do so for customers in other countries through Ocado Smart Platform. We look forward to making further progress over the current financial year."

The company’s arrangement with Morrisons, where it provides an online shopping service, contributed £73.9 million of revenue in 2015 compared to £45.1 million in the previous year. The main growth was driven by increased income from recharges for services provided to support the on-going expansion of the Morrisons.com business.

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