Ocado shrinks losses as pandemic drives soaring online grocery sales


 

Ocado saw an almost fivefold reduction in its pre-tax losses last year aided by soaring demand for online groceries during the Covid-19 pandemic. The retailer’s latest annual results to 29 November 2020 reveal losses of £44m, compared to a loss of £214.5m in the previous year. Group revenue rose 33% to £2.3bn (£2019: £1.8bn) in the period with EBITDA also surging by 69% to £73.1m (2019: £43.3m). Ocado’s retail division provided the lion’s share of the revenue growth, delivering £2.1bn […]