UK: Ocado hails "excellent" year after losses narrow
By: just-food.com | 22 March 2010
UK online grocer Ocado today (22 March) claimed it had had an "excellent" fiscal year after seeing its EBITDA more than treble and operating losses slashed by a third.
The retailer, which is working on plans for an IPO later in the year, posted EBITDA of GBP9.2m (US$13.8m) for the year to 29 November, against EBITDA of GBP2.2m a year earlier.
Revenue jumped 25% to GBP402m, helping to reduce Ocado's operating losses from GBP21.6m to GBP14.4m.
"Ocado had an excellent year with strong sales performance both in absolute terms and on a like for-like basis. This has delivered a substantial increase in EBITDA profitability. In a difficult retail environment we have reported good results that show further growth in all areas of the UK that we currently serve," said CFO Andrew Bracey.
Bracey and the Ocado management team is mulling a flotation on the London stock exchange after the General Election, widely thought to be planned for 6 May.
The retailer has made two appointments to its board, naming David Grigson and Ruth Anderson as directors.
Sectors: Retail
Companies: Ocado
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