Online retailer Ocado Group has published its full year results for the 52 weeks ended 1st December 2024, with group revenue increasing by 11% on the year.
The group delivered revenue of £1,214.5 million, an increase of 11.6% year-on-year (FY23: £1,088 million). Total group adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by £101.7 million to £153.3 million.
Ocado Retail revenue increased by 13.9% in the period to £2,685.8 million, which was reportedly driven by “strong growth” in orders per week. Orders were up 12.5% to 442,000 (FY23: 393,000) and growth in orders per week reflected an increase in active customers, up 12.1% to 1,119,000, as well as an increase in frequency of orders.
Average basket value increased by 1% to £122.09, up from the 2023 value of £120.94, as average item prices increased by 0.4% to £2.75. Basket sizes remained stable at an average of 44.3 individual items, which Ocado said was “driven by continued investment in value and service improvements”.
Tim Steiner, CEO of Ocado Group, said: “In 2024, we delivered a shift in the potential of robotics and automation to improve retail supply chains. Our latest technologies have begun to roll out at scale to Ocado’s global partners. This marked a milestone for our technology, with the already market-leading productivity of an Ocado CFC almost doubling over the course of a decade.
“At the same time, online continues to drive the greatest share of organic growth in the global grocery market. Our partners are well set up to take advantage of this growth with Ocado’s technology, and we have a strong prospect pipeline across grocery, non-grocery and logistics. Ocado Retail in the UK continues to lead the way as consistently the fastest growing grocer in the market and reaching one million active shoppers for the first time.
“We have learned valuable lessons from our early global deployments. Over the past year we’ve significantly increased the number of Ocado experts embedded across our global partners, helping them to hone logistics operations and build new online strategies alongside the Ocado Smart Platform. These teams, combined with exciting new enhancements we are set to deliver in 2025, will drive faster growth, more efficient operations, and an even better quality of experience online for shoppers across 11 of the world’s biggest grocery markets.”
