Ocado posts £394m loss but hails 'good progress' as M&S online customers grow

29 February 2024 , 08:40

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The company also reported that group revenues increased by 9. 9% to £2.8 billion over the year (Image: PA Media)

Ocado has announced a loss of £394 million for the past year, but bosses are praising "good progress" at the online shopping group.

The company also shared that Ocado Retail, its partnership with Marks & Spencer, made a profit after last year's criticism from its retail partner about the operation. On Thursday, Ocado revealed a smaller pre-tax loss for the year to December, helped by £187 million from a settlement with Norwegian rival AutoStore.

The company also reported that group revenues increased by 9. 9% to £2.8 billion over the year. This was mainly due to the firm's technology solutions business, which saw a growth of 44% to £420. 5 million for the year.

Meanwhile, Ocado Retail revenues were up 7%, as it celebrated "continued strong customer retention". Tim Steiner, the chief executive, said: "I am pleased to report good progress across the group in 2023."

"Our technology is transforming the way people shop for food as we help some of the world's best and most innovative retailers set the bar for excellence in grocery ecommerce worldwide. Ocado Retail, our joint venture with M&S in the UK, has had significant success growing customer numbers, taking online grocery market share and rebuilding profitability, proving, once again, the attractions of our online model."

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