Ocado Group has narrowed its half-year losses as it capitalises on more shoppers choosing to order their groceries online.
The grocery technology giant reported its loss before tax had almost halved to £153.9m in the 26 weeks to 2 June, compared to the £289.5m loss the year before.
Sales rose 12.6% to £1.54bn, with its technology solutions business surging 22% to £241m and it’s logistics arm advancing 6% to £354m.
Ocado said its retail business – a joint venture with M&S – was on track to meet its profit target this year as half-year sales surged 11% to £1.3bn driven by a 9% uptick in average orders per week.
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Ocado Group chief executive Tim Steiner said: “Today’s results illustrate good progress as we support thirteen of the world’s leading grocers to grow their online business with our technology. We have come through an unprecedented period for online grocery, with multiple years of high food inflation following a surge in demand during the pandemic.
“The global channel shift to online has now resumed and Ocado is uniquely well-positioned to take advantage of the opportunity. Our technology is delivering high levels of productivity and customer satisfaction.
“In the UK, Ocado Retail continues to lead the way in online grocery, and internationally we have received orders for new capacity, with a number of our partners reporting strong digital sales growth year-on-year.
“The success of our partners is our top priority, and we are focused on helping them execute their online strategies to deliver attractive returns from their investment in our technology.”
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