Online grocer Ocado has reported a pre-tax loss of £44.4m in the year to 2 December, compared to £8.3m in 2017. Ocado has been knocked by investment cost and hit by an accounting change.
Sales for the grocer rose to £1.59bn whilst earnings fell 20.7% to £59.5m, due to developing a new warehouse and computer systems.
Tim Steiner, chief executive of Ocado said, “We now have in place a platform for significant and sustainable long-term value creation as the leading pure-play digital grocer in the UK, a world-leading provider of end-to-end ecommerce grocery solutions, and as an innovative and creative technology company applying our proprietary knowledge to a range of challenges.
“Our transformation journey is well under way with increased cash fees earned and greater investment as we execute on behalf of our partners.”
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