UK online grocery retailer Ocado today (31 January) announced its full-year losses dropped 80% to GBP2.4m (US$3.79m).

The company’s shares rose 5.17% to 84.35p as of 11.53am GMT after figures for the year ending 27 November were announced.

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Gross sales were up 16.6% to GBP642.8m, while EBITDA jumped from GBP22m in fiscal 2010 to GBP642.8m. Operating profit hit GBP1.1m, compared to a GBP5.4m loss last year.

Tim Steiner, CEO of Ocado, said: “Against the backdrop of a weak UK economy, we have continued to see the development of the online grocery retail market. 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.”

Also of note was Ocado’s expansion into private-label, with a range of 620 products currently available, compared to 250 in 2010. The company said 70% of customers ordered them.

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Andrew Bracey, CFO, is “confident” that Ocado grew faster than other online retailers and highlighted a cash position of GBP92.1m, although this is lower than last year’s GBP154.6m.

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