Ocado reports £394m loss

Ocado has reported pre-tax losses of £394 million in its latest financial year.

The online grocer said its losses along with EBITDA of £51.6 million – indicating an overall rise of £125.7 million on account of losses of around £74 million in 2022 – were still in line with or better than guidance.

According to the retailer, the receipt of £187 million as part of a settlement from AutoStore to “avoid further litigation” over a warehouse robot patent dispute meant it achieved a £107 million improvement on over £500 million in pre-tax losses reported in the previous financial year.

Overall group revenue stood at around £2.76 billion, a near 10 per cent rise on 2022.

Across the period, there was a 44.3 per cent rise in revenue reported on Ocado’s technology solutions.

EBIDTA of £30.1 million for Ocado’s logistics and £15.4 million for technology were its strongest performing profit areas.

“Our technology is transforming the way people shop for food as we help some of the world’s best and most innovative retailers set the bar for excellence in grocery ecommerce worldwide,” said Ocado chief executive Tim Steiner. “We opened three new state-of-the-art robotic CFCs; in Chiba city in Japan, Calgary in Canada, and Luton here in the UK and increased the amount of installed capacity for our clients by a quarter.”

Steiner added that Ocado had now installed capacity at its retail partners for gross annual grocery sales of over £8 billion.

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