Ocado Group PLC on Thursday said it made good financial progress in the potential of automation to improve retail supply chains in the past financial year, as it is focused on driving efficiencies.
The Hatfield, Hertfordshire-based licenser of grocery delivery technology said pretax loss narrowed to £374.5 million in the financial year ended December 1, from £393.6 million a year ago.
Revenue grew 14% to £3.16 billion from £2.77 billion. Operating costs increased 11% to £3.00 billion from £2.71 billion.
Chief Executive Officer Tim Steiner said: ‘In 2024, we delivered a shift in the potential of robotics and automation to improve retail supply chains. Our latest technologies have begun to roll out at scale to Ocado’s global partners. This marked a milestone for our technology, with the already market-leading productivity of an Ocado CFC almost doubling over the course of a decade.’
Chair Adam Warby said: ‘The business has made good financial progress this year. We have reached important milestones with the deployment of our Re:Imagined technologies and deepened our relationships with global partners. But there remains much for us to do. In FY25, Ocado’s board and management team are focussed on supporting our partners to drive further efficiencies and accelerate growth, continually improving our existing offering and expanding to new potential
partners.’
Ocado shares fell 15% to 282.60 pence each on Thursday afternoon in London.
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