How can anyone say Ocado are struggling financially given these stats for 2011 in a recession. Who else in the sector is performing like this.
31 January 2012 - Ocado Group plc ("Ocado") today announces its unaudited preliminary results for the 52 weeks ended 27 November 2011.
Key financials
· Gross sales1 increased 16.6% to £642.8 million (2010: £551.1 million)
· EBITDA2 increased by 26.6% to £27.9 million (2010: £22.0 million)
· EBITDA3 margin increased from 4.3% to 4.7%
· Net debt of £19.2 million (2010: net cash of £80.5 million)
· Cash and cash equivalents at 27 November 2011 of £92.1 million (2010: £154.6 million, including treasury deposits)
Statutory highlights
· Revenue increased 16.0% to £598.3 million (2010: £515.7 million)
· Operating profit of £1.1 million (2010: operating loss of £5.4 million)
· Loss before tax reduced by 80.2% to £2.4 million (2010: £12.2 million)
Operating highlights
· Average orders per week increased by 18.6% to 110,219 (2010: 92,916)
· Average order size decreased by 1.7% to £112.15 (2010: £114.06)
· Items delivered exactly as ordered were 98.3% in the period (2010: 99.0%)
· Deliveries on time or early were 92.3% in the period (2010: 94.9%)
· Customer demand during the year continued to exceed Ocado's operational capacity
· Hatfield Customer Fulfilment Centre ("CFC1") capacity significantly increased to deliver 131,381 orders in peak week
· Capital investment is continuing to increase capacity at Hatfield
· At the Dordon Customer Fulfilment Centre ("CFC2"), the building, services and ancillary infrastructure are substantially complete
· At CFC2, equipment installation is advancing well; the project is on budget and on time to open in Q1 2013
· Use of mobile devices continued to increase; mobile devices used in 18% of customer checkouts at the end of 2011, up from 12% since the beginning of the year
· Ocado's own-label range at year end comprised 620 products, up from 250 products in 2010; found in 70% of customer orders at year end