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Ocado has posted a £394m pre-tax loss for FY23, despite also reporting strong revenues growth, positive adjusted EBITDA and improved cash flow across all of its businesses.
The pre-tax loss comes after the retailer was boosted by £187m from a settlement with Norwegian competitor AutoStore.
Despite the loss, the company reported that group revenues rose by 9.9% to £2.8bn over the year. This was largely attributed to its technology solutions business, which saw a 44% growth to £420.5m for FY23.
Ocado also revealed that its joint venture with M&S, Ocado Retail, delivered an underlying profit despite receiving criticism from its retail partner over the operation last year.
Ocado Retail revenues were up 7% during 2023, as the group hailed “continued strong customer retention”.
Tim Steiner, chief executive of Ocado, said: “I am pleased to report good progress across the group in 2023.
“Our technology is transforming the way people shop for food as we help some of the world’s best and most innovative retailers set the bar for excellence in grocery ecommerce worldwide.
He added: “Ocado Retail, our joint venture with M&S in the UK, has had significant success growing customer numbers, taking online grocery market share and rebuilding profitability, proving, once again, the attractions of our online model.”
