Ocado Group Plc Annual report and accounts homepage

Delivering growth Establishing profitability

Established in 2000 and listed on the LSE’s Main Market in July 2010, Ocado is the largest independent online grocery retailer providing an innovative, market leading customer experience.

Chief Executive Officer’s review

The past year has been a year of significant progress for Ocado. In the core operations we delivered a strong set of results for 2010. Our strategy of continuously improving our market leading customer offer continued to drive sales growth which has delivered through to the bottom line.

The future of grocery shopping is online

The UK grocery market is £151 billion per annum of which online represents around 3%. Over the foreseeable future, the online grocery market is expected to experience significant growth at the expense of traditional grocery channels.

Chief Executive Officer's Review

"This was a landmark year for Ocado with gross sales up 29% for the year, we have delivered on the targets set out at the flotation. We have continued our focus on improving the customer offer, which has led to a record number of customers and sale...

Chief Financial Officer's Review

"Strong sales growth has led to Ocado reaching EBIT profitability pre-exceptionals for the second half of the financial year and EBT profitability in the last quarter of the financial year. Achieving profitability clearly demonstrates the operational leverage ...

Financial Highlights

Gross sales up 29% to £551.1m

Adjusted¹ EBITDA up 138% to £22.0m (adjusted¹ EBITDA margin 4.0%)

Adjusted¹ EBT loss £8.7m

Profitability reached in second half

Adjusted¹ H2 EBIT profit £0.9m

Q4 EBT profit £0.3m

Cash (including treasury deposits) of £154.6m at year end

Net revenue up 28% to £515.7m

Operating loss reduced by 63% to £5.4m, including £3.5m of one-off IPO costs

Loss before tax reduced by 52% to £12.2m, including £3.5m of one-off IPO cost

Average orders per week up 31% to 92,916

Items delivered exactly as ordered were 99% for the year

Deliveries on time or early were 95% for the year

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