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Ocado shows strong results in challenging times

Ocado has released its interim results for the 26 weeks ended 31 May 2020. The key highlights include:

• 27% Retail Revenue growth, demonstrating Ocado’s ability to meet unprecedented, and sustained, demand for online grocery in the UK
• Fees invoiced to International Solutions partners of £73.7m, up 58%, as international roll out gains pace with the opening of the first partner Customer Fulfilment Centres in Paris and Toronto
• Group EBITDA of £19.8m, down 36%, reflecting increased costs from investment in International Solutions business, offset by strong Retail performance during the current crisis. Loss before tax of £40.6m also reflects this investment
• Strong balance sheet. As at the date of this announcement, cash position of £2.3bn including the £1bn capital raise after period end
• Ocado investing more, and faster, to help partners accelerate the roll out of the Ocado Smart Platform; greater momentum in technology innovation to strengthen industry leadership

CEO Tim Steiner (pictured) said, “Over the last six months, my colleagues at Ocado Group have shown, in exceptionally demanding circumstances, the resilience, dedication and innovative spirit that has always characterised this business. I would like to thank them profoundly on behalf of all the stakeholders of Ocado.

'The world as we know it has changed. As a result of COVID-19 we have seen years of growth in the online grocery market condensed into a matter of months; and we won’t be going back. We are confident that accelerated growth in the online channel will continue, leading to a permanent redrawing of the landscape of the grocery industry worldwide.

'This will mean more demand for Ocado Smart Platform from current and prospective partners and our recent fundraising will ensure that we are able to meet that demand. It will also mean that we can invest more capital in innovation for our partners and further
expand our leadership as the world’s preeminent solutions provider in online grocery.

'Seizing the future will, of course, require the same mix of constant questioning and innovation, focus, and quiet determination that has brought us so far. I have no doubt that we will rise to the challenge, taking advantage of a scale of opportunity that we have never seen before.'