Preliminary results for the 53 weeks ended 2 December 2012
7 February 2013 - Ocado Group plc ("Ocado") today announces its unaudited preliminary results for the 53 weeks ended
2 December 2012.
Strategic and operational highlights
Exited 2012 with strong momentum in customer growth and basket size maintained
Service metrics continue at consistently high standards
Range extended by 40% to over 28,000 SKUs (2011: 20,000)
Significant progress in pricing including the introduction of Low Price Promise, our basket matching initiative
Dordon Customer Fulfilment Centre ("CFC2") on track to open by the end of February, and remains on budget
Key financials
|
53 Weeks 2012 |
Change vs 2011 |
52 Weeks 2012 |
Change vs 2011 |
|
|
£million |
£million |
|||
|
Gross sales1 |
731.9 |
+13.9% |
716.2 |
+11.4% |
|
EBITDA2 |
34.5 |
+23.9% |
33.5 |
+20.4% |
|
Adjusted3 profit before tax |
1.8 |
+£4.2 million |
1.3 |
+£3.7 million |
Net debt of £55.2 million (2011: £19.2 million)
Cash and cash equivalents of £89.6 million (2011: £92.1 million)
Statutory highlights
Revenue of £678.6 million (2011: £598.3 million)
Loss before tax of £0.6 million (2011: £2.4 million)
Tim Steiner, Chief Executive Officer of Ocado, said:
"We continued to achieve double digit sales growth during 2012 with increasing rates of sales and new customer momentum as we moved into 2013. This has been driven by further improvements to our core offer to customers - better value, wider ranges and enhanced service.
"Shopping online for groceries is clearly of increasing importance to consumers. In 2013, we will continue to improve the attractiveness of Ocado to customers and we shall substantially increase our capacity with the opening of our second fulfilment centre, creating over 1,000 jobs in the Midlands."
Duncan Tatton-Brown, Chief Financial Officer of Ocado, said:
"We have ended 2012 with a solid financial platform and a cash position of £89.6 million. We have worked hard at improving overall efficiency in our operations and margins are improving. The introduction of a significant increase in fulfilment capacity this year to meet growing demand, and our continued efforts to drive efficiency, will enable us to demonstrate the longer term benefits of our business model."
