The online grocer Ocado has revealed that it has moved into the black after a loss last year.
Ocado, which has never made a full-year profit, today revealed it had advanced its revenue 20.7% to £429.7m and saw its earnings before interest, taxes, depreciation and amortization (EBITDA) surge 78% to £34.3m in the 24 weeks to May 18.
Ocado boss Tim Steiner said: “Although price competition increased, led by the traditional supermarket retailers, significant progress in operating efficiency and the development of our product offer meant that EBITDA was up almost 80% in the period. This was achieved despite increased investment in Ocado’s strategic opportunities for the UK and overseas.”
