28th Jun 2016 06:20
LONDON (Alliance News) - Ocado Group PLC on Tuesday reported growth in profit in the first half of its financial year as sales grew on the back of a rise in active customer numbers and order volumes, although the average basket value declined in a deflationary food market.
The online grocery retailer said its pretax profit in the 24 weeks ended May 15 grew to GBP8.5 million from GBP7.2 million in the same period the year before, as revenue rose to GBP584.2 million from GBP507.7 million.
Ocado said the number of active customers increased by 15% to 541,000 from 471,000, and order volumes grew by 18% to an average of 225,000 orders per week from 191,000, although the average basket value declined by 2.2% to GBP110.10 from GBP112.59 due to price deflation in the market.
"Sales growth continues at pace and the productivity of our operations is improving. We have the technology, the brand and the financial resources to build on our leading position and look forward to the future with confidence," Chief Executive Tim Steiner said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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