Ocado reports 27% growth thanks to accelerated digital capabilities

Online grocery retailer Ocado has met the challenges of the pandemic with revenue growth of over a quarter.

In interim results published today, the group has reported a retail growth of 27.2 per cent for the 26 weeks ended 31 May 2020.

In addition, Ocado created 300 jobs during the period in its technology division to boost the acceleration of its online platform transformation, meeting the growing demand for online shopping.

The firm also reported a ‘strong’ balance sheet, with a cash position of £2.3bn - including the £1bn capital raise after period end.

Tim Steiner, chief executive officer of Ocado Group, commented: “Over the last six months, my colleagues at Ocado Group have shown, in exceptionally demanding circumstances, the resilience, dedication and innovative spirit that has always characterised this business. I would like to thank them profoundly on behalf of all the stakeholders of Ocado.

“The world as we know it has changed. As a result of COVID-19 we have seen years of growth in the online grocery market condensed into a matter of months; and we won’t be going back. We are confident that accelerated growth in the online channel will continue, leading to a permanent redrawing of the landscape of the grocery industry worldwide.

“Seizing the future will, of course, require the same mix of constant questioning and innovation, focus, and quiet determination that has brought us so far. I have no doubt that we will rise to the challenge, taking advantage of a scale of opportunity that we have never seen before”.