The chief executive of Ocado Retail has said that one of its priorities for 2025 is making further progress on transitioning the business onto new technology platforms.

Hannah Gibson, who has been at the helm of the joint venture between Ocado Group and Marks & Spencer (M&S) since September 2022, also said that the company plans to focus on improving profitability and continuing to "raise the bar" on its customer proposition.

The comments come as the digital grocery retailer publishes its financial results for 2024, with the business reporting revenue growth of 13.9 per cent to around £2.7 billion last year.

The company also delivered another record-breaking Christmas, with its highest ever level of sales over the peak trading period.

Gibson said that the Ocado Retail's offering, which over the past 12 months has included almost all of the M&S addressable range and more joint launches than prior years, is resonating with customers.

Higher revenues have also been driven by a "strong range" of well-known brands, challenger brands, and the business' own brand category.

Additionally in 2024 Ocado Retail invested in price, with the company offering basket matching on 10,000 Tesco products and 'Big Price Drops', which the retailer says has helped to improve price perceptions.

"...we've seen more people shopping with us more often," said Ocado Retail's chief exec.

Ocado currently has one million active customers who have access to a range of around 45,000 products, including M&S items

The online retailer's orders are packed in one of seven distribution centres, which all use software and technology developed by Ocado Technology.

The organisation's chief executive described 2024 as a year of "strong growth" for the business.

"In the fourth quarter, we accelerated sales again - reaching 500,000 orders per week for the first time, at the end of November," said Gibson in the company's latest financial results, which were published on Tuesday. "We’ve achieved this growth by being laser focused on customer service and delivering unbeatable choice, unrivalled service and reassuringly good value to the households and families that we serve."

She continued: "We’ve made a series of significant improvements - including making sure customers can buy all their favourite M&S products, ensuring our service is near perfect, shifting our value perceptions as customers realise how much we've moved on price and helping new customers discover Ocado."

Ocado Group significantly reduced its losses last year thanks to continued investment in the company's tech arm, which contributed to revenue growth.

“We have come through an unprecedented period for online grocery, with multiple years of high food inflation following a surge in demand during the pandemic," said Ocado Group chief executive Tim Steiner last July. "The global channel shift to online has now resumed and Ocado is uniquely well positioned to take advantage of the opportunity."

He continued: “Our technology is delivering high levels of productivity and customer satisfaction. In the UK, Ocado Retail continues to lead the way in online grocery, and internationally we have received orders for new capacity, with several of our partners reporting strong digital sales growth year-on-year."

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