Online grocery group, Ocado has reported its half year results for the 24 weeks ended 15 May 2016 showing half-year pre-tax profits of £8.5m, up from £7.2m in the previous year.
Revenue for the period stood at £584.2m, a rise of 15.1% year-on-year, which has been boosted by Ocado's tie-up with Morrisons.
Tim Steiner, Chief Executive Officer of Ocado, said, “I am encouraged by the steady progress in our business, with volumes through our operations, including the throughput for Morrisons, growing by 30%. The market remains competitive with ongoing price deflation but our increasing scale and operational efficiencies meant that we still grew profits, albeit at a slower rate.
“We have been gaining share in the online grocery market and expect this to continue. The last few years have shown beyond doubt that British shoppers are choosing the benefits of grocery shopping online and we believe that the momentum of channel shift away from bricks and mortar stores will continue. The more opportunities customers have to try grocery shopping online, the more they will be attracted to Ocado's superior customer offer.