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Ocado has seen its annual earnings rise by 69% as the pandemic strengthened the demand for online grocery shopping.
The virtual supermarket revealed that group earnings were £73.1m for the year ending on 29 November 2020, up from £43.3m the previous year.
Earnings in Ocado Retail, the company’s joint venture with Marks and Spencers also saw a rise of £148.5m compared to £40.6m in 2019.
Ocado which has been offering commercial delivery services since 2002, also announced plans to invest an additional £30m in its technology to meet the increased demand for online grocery shopping.
However, the company warned that ongoing Covid-19 restrictions will continue to have a “significant impact” on its overall performance.
Tim Steiner, chief executive officer of Ocado said: “The rapid acceleration of many pre-existing trends in business and society has been a feature of the Covid-19 crisis and the dramatic channel shift in grocery is a clear example of this.
“The landscape for food retailing is changing, for good. As we look ahead to a post-vaccine world and a return to a new normality, Ocado group is very well placed to enable our grocery partners worldwide to bring the best customer experience to market, responsibly, with high levels of hygiene and superior, sustainable, and proven economics.”
