Wednesday 20 February 2019

Losses widen at online grocery Ocado

Online grocery Ocado has seen its losses widen to £44.4m (€51m) in the 12 months to December 2
Online grocery Ocado has seen its losses widen to £44.4m (€51m) in the 12 months to December 2
Ellie Donnelly

Ellie Donnelly

Online grocery Ocado has seen its losses widen to £44.4m (€51m) in the 12 months to December 2, from a loss of £8.3m (€9m) the previous year.

The company said it was impacted by investment costs, as well as an accounting change.

Group earnings before interest, taxation, depreciation, and amortisation (EBITDA) declined by 20.7pc to £59.5m during the period, according to a trading update from the group.

Group revenue, however, increased 12pc to £1.6bn.

Over the year the group signed international partnerships with Sobeys, ICA and Kroger to develop the Ocado Smart Platform in Canada, Sweden and the United States.

The company said it continue to engage with "multiple retailers" in a variety of markets with a view to adding more partnerships to its platform.

Tim Steiner, CEO of Ocado, said: "Our transformation journey is well under way with increased cash fees earned and greater investment as we execute on behalf of our partners." 

"Creating future value now will involve us continuing to scale the business, enhancing our platform, enabling our UK retail business to take advantage of all its opportunities for growth, and innovating for the future. We look forward to fulfilling these opportunities with excitement and determination".

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