Ocado has posted a pre-tax loss of £501 million for the year to 31 December 2022 after cost pressures and increased investments took their toll.
This compares to a loss of £176.9 million a year earlier.
Group revenue was broadly flat in the period at £2.5 billion due to strong growth in its solutions business offsetting a decline at Ocado Retail, its joint venture with Marks & Spencer.
Whereas international solutions revenue more than doubled to £148 million from £67 million a year earlier, Ocado retail sales fell by 3.8% to £2.2 billion following a fall in customer basket values.
Meanwhile the group recorded a group EBITDA loss of £74 million compared with a previous profit of £61 million due to cost pressures and capacity investments made to support growth at Ocado Retail.
Looking ahead to the outcome of the current financial year, Ocado Group is forecasting mid-single digit revenue growth for Ocado Retail with a marginally positive EBITDA.
