"Dramatic" 35% revenue growth for Ocado thanks to online grocery shopping boom

Online grocery retailer Ocado has announced a revenue increase of more than a third in its latest annual report.

In its full year results for the 52 weeks ended November 29 2020, Ocado saw retail revenue growth of 35 per cent.

The rise in online shopping as a result of the pandemic has enabled the firm to gain a strong foothold in the groceries market, with online grocery market share in the UK nearly doubling over the last year according to Kantar.

Tim Steiner, chief executive officer of Ocado Group, commented: “As we reflect on 2020 I would first and foremost like to pay tribute to the remarkable work of our colleagues in exceptionally challenging circumstances.

“The group’s performance over the course of the year is testament to their dedication and I am confident that their adaptability and resilience will enable us to take full advantage of the opportunities ahead.

“The rapid acceleration of many pre-existing trends in business and society has been a feature of the Covid-19 crisis and the dramatic channel shift in grocery is a clear example of this. The landscape for food retailing is changing, for good.”

“As we look ahead to a post-vaccine world and a return to a new normality, Ocado Group is very well placed to enable our grocery partners worldwide to bring the best customer experience to market, responsibly, with high levels of hygiene and superior, sustainable, and proven economics.”

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