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Ocado losses deepen after warehouse fires

By BFN News | 07:23 AM | Tuesday 11 February, 2020

Online grocery delivery and technology group Ocado booked a deeper annual loss, owing to costs associated with warehouse fires and continued investment in its robotic logistics capabilities. Pre-tax losses for the year through November amounted to £214.5m, compared to losses of £44.4m on-year, even as revenue rose 9.9% to £1.76bn. Ocado said it expected to post revenue growth in its retail division in the current financial year of 10-15%. The company recently sold a 50% stake in its retail -- or grocery delivery business -- to Marks & Spencer in a bid to concentrate more on its technology, or so-called solutions business. 'We are pleased to report results which show strong momentum in the business,' chief executive Tim Steiner said. 'Although statutory results reflected a combination of factors, including the impact of the Andover fire, the underlying performance of Ocado retail and the successful growth of Ocado solutions were very encouraging.' Steiner said the company would in the first half of 2020 open the first customer fulfilment centres for its international partners. 'The landscape of grocery retailing globally is changing,' he said. 'We are excited to be able to play a leadership role through Ocado retail, our joint venture with M&S, and through our solutions partnerships, as we fulfil our mission of "changing the way the world shops"'. Story provided by

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