Online grocer Ocado (LON:OCDO) moved into profit ahead of schedule in the fourth quarter, but was heavily loss-making still for the year as a whole.
Maiden prelims revealed it made a pre-tax profit of £300,000 in the final three months of the year, but was in the red to the tune of £12.2 million in the 52 weeks to November 28. Around £3.5 million of that figure was related to the company’s stock market float in July last year.
Chief executive Tim Steiner said: “This was a landmark year for Ocado with gross sales up 29 percent 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 sales with the achievement of profitability in the final quarter. Ocado’s growth continues to outpace the market.”
For the year, Ocado’s average orders per week increased by 31 percent to 92,916. Items delivered exactly as ordered were 99 percent for the year. Deliveries on time or early were 95 percent for the year.
Ocado, founded by three former Goldman Sachs bankers in 2000, said full-year earnings before interest, tax, depreciation and amortisation surged 138 percent to £22 million, beating analysts' forecast of around £21.2 million. Gross sales climbed 29 percent to £551.1 million.