Ocado H1 revenues jump 21.4% to £1.3bn
The majority of Ocado’s group revenues (£1.22bn) came from its retail arm, which now operates as a 50:50 joint venture with Marks and Spencer
Ocado Group’s total revenues jumped 21.4% year-on-year to £1.32bn for the 26 weeks ended 30 May 2021.
The end-to-end grocery firm also saw group EBITDA spike 41.2% year-on-year to £61m, up from £19.8m in H1 FY20.
Despite reporting a loss before tax of £23.6m for the period, this represented a 41.9% cut in losses when compared to last year’s £40.6m.
The majority of Ocado’s group revenues (£1.22bn) came from its retail arm, which now operates as a 50:50 joint venture with Marks and Spencer.
However, the group’s UK solutions and logistics division saw a 13.1% year-on-year growth to compose £357.3m of group revenues.
Tim Steiner, CEO at Ocado, said: “Over the last eighteen months, we have shown that the Ocado model works even in the most challenging and fluid of environments.
“That ours is a proven model in online grocery has been again demonstrated by the strong performance of Ocado retail, the historic core of the Ocado business, which has led the market in customer experience, increasing sales by 20% in the period, thanks to a significant increase in customer numbers, while continuing to show sustainable and industry-leading profitable growth.”
He added that the group’s “resilient” model, which includes a range of grocery fulfillment solutions alongside its delivery arm, is “reshaping the grocery industry to the benefit of consumers around the world”.
Looking ahead, the company said that its retail arm will offset a £30m lower forecasted EBITDA in its international solutions, UK solutions and logistics, and other segments, resulting in no change to the firm’s full-year group EBITDA forecast.
