Despite presenting a set of financial results that showed spiralling losses before tax and a significant dip in EBITDA, Ocado’s chiefs are convinced 2020 will be the year its investment in technology is vindicated. Retail Week looks at whether their optimism is justified.
As he unveiled full-year results, Ocado chief executive and co-founder Tim Steiner was at times defiant but often optimistic, particularly given that the business reported a deepened loss before tax of £214.5m and EBITDA slumped 27.3% to £43.3m.
But Steiner maintained the overall performance showed “the momentum that is now in the business and the progress that we’ve made over what’s been an extraordinary 12 months” – which includes the signing of two new Solutions clients, maintaining strong revenue growth and, of course, sealing the joint venture with Marks & Spencer.
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