Ocado revenue rises by 12%

Ocado has reported preliminary results for the 52 weeks ended 2 December 2018 showing Retail Revenue stood at £1,475.8m, up 12% from the previous year's figure of £1,317.4m.

Retail EBITDA was £82.5m, up from £79.2m year-on-year, which equates to 4.2%.

The company grew active customers 11.8% in the year to 721,000 (2017: 645,000), and total order volumes increased 12.1% to an average of 296,000 orders per week (2017: 264,000).

Average hypermarket basket value was slightly lower at £106.85 (2017: £107.28) driven by an increase in average price per item offset by a decrease in the average basket size

Tim Steiner, Chief Executive Officer of Ocado, said, 'Our performance last year was the result of many years of focus, dedication and perseverance: what we have called our '18-year overnight success'. Our growth story, however, is only just beginning.

'We now have in place a platform for significant and sustainable long-term value creation as the leading pure-play digital grocer in the UK, a world-leading provider of end-to-end ecommerce grocery solutions, and as an innovative and creative technology company applying our proprietary knowledge to a range of challenges.

'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'.