Ocado Group has seen its losses narrow, driven by more shoppers turning to Ocado.com for their grocery orders.

The group licences its technology systems to other companies, and owns a 50% stake in Ocado.com.

In the 52 weeks ending 1 December 2024, the technology company reported a pre-tax loss of £374.5m, down from £393.3m in 2023.

The company said the loss was primarily driven by additional depreciation and amortisation, with: “The go-live of three sites within the previous 12 months, the annualisation of the three sites that went live during 2023 and technology projects going live in the last 12 months.”

The figures come despite growth across Ocado divisions, which saw its adjusted EBITDA triple from £51.6m to £153.5m, while group sales rose by 14% to £3.2bn, from £2.8bn in 2023.

The performance was bolstered by Ocado Retail, which saw gross profit soar 14.7% to £914.3m, while sales surged 13.9%, to £2.69bn. This was boosted by a 12.5% rise in orders on Ocado.com and a 12.1% increase in active customers.

Subscribe to Grocery Gazette for free

Sign up here to get the latest grocery and food news each morning

Looking ahead, the group added that it expected its grow sales volumes to be “well ahead of the market”, forecasting 10% revenue growth this year.

Ocado Group CEO Tim Steiner said: “In 2024, we delivered a shift in the potential of robotics and automation to improve retail supply chains. Our latest technologies have begun to roll out at scale to Ocado’s global partners.

“This marked a milestone for our technology, with the already market-leading productivity of an Ocado CFC (customer fulfilment centre) almost doubling over the course of a decade. At the same time, online continues to drive the greatest share of organic growth in the global grocery market.

“Our partners are well set-up to take advantage of this growth with Ocado’s technology, and we have a strong prospect pipeline across grocery, non-grocery and logistics.

“Ocado Retail in the UK continues to lead the way as consistently the fastest growing grocer in the market and reaching 1 million active shoppers for the first time.”