By Alec Mattinson2021-02-09T09:03:00+00:00
Ocado has cut its annual loss by almost 80% amid booming sales during the pandemic, but the online grocer warned the coronavirus outbreak and drive for international expansion will continue to constrain profitability.
Total group revenues for the 52 weeks ended 29 November jumped by 32.7% to £2.33bn from £1.76bn in the previous year.
This was primarily driven by a 35.3% increase in retail revenue, its joint venture with Marks & Spencer, reflecting increased demand driven by Covid-19 restrictions, with a £31 increase in the average basket value from £106 to £137.
The Group also began to recognise revenue its international solutions business following the commencement of operations at the first two international CFCs in Toronto and Paris, with reported revenue of £16.6m.