UK-based online retailer Ocado has revealed a positive set of preliminary results for the 52-week period ended 27 November 2011, with gross sales and revenue up and loss before tax falling.
Gross sales increased 16.6 per cent to £642.8m (€767m), up from £551.1m (€658m) in 2010, while earnings before interest, taxation, depreciation and amortisation jumped 26.6 per cent to £27.9m (€33m).
Revenue (up 16 per cent to £598.2m) and operating profit (up to £1.1m from £5.4m) both improved year-on-year, while the group's loss before tax plummeted 80.2 per cent to £2.4m (€2.9m) from £12.2m (€14.6m) in 2010.
'Against the backdrop of a weak UK economy, we have continued to see the development of the online grocery retail market,' said Tim Steiner, CEO of Ocado. 'We believe this growth is evidence of a structural shift in consumer behaviour and we will continue to see an expansion of the online grocery retail market.
'We will continue to pursue our existing strategy in 2012 to improve what we offer our customers and increase our capacity to meet growing demand,' he added. 'It is our mission to make sure that customers continue to regard Ocado as the home of the market-leading offer in online grocery shopping.'
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