Online supermarket Ocado Retail has filed its annual report for an elongated 70-week period ending 6 April 2025.

The extension moves Ocado Retail’s financial year-end from November to April to align with Marks & Spencer’s reporting calendar. From April, its results are consolidated into those of M&S, though the economic interest of both shareholders remains unchanged.

The business – a joint venture between Ocado Group and M&S – said for the financial year to 6 April 2025 (FY25), said it delivered revenue growth of 15.5%, underpinned by a 14.6% increase in active customers to 1.2 million.

Growth was driven by higher order volumes, with average basket size holding steady and selling prices rising by just 0.4%, well below inflation. Sales of M&S-branded products were a particular highlight, climbing 21% during the year.

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Ocado Retail’s focus on cost discipline and operational efficiency delivered a sharp improvement in financial performance. Adjusted EBITDA rose 78.3% year-on-year to £53.5m, while pre-tax losses were reduced from £121.7m to £60m, a £61.7m improvement.

The company also returned to cash-flow generation, ending the period with £68.2m in cash and equivalents, down from £76.4m the previous year but still supporting further investment.

The business credited progress to its Perfect Execution strategy, built around three pillars: unbeatable choice, unrivalled service and reassuringly good value.

Ocado Retail operates seven highly automated customer fulfilment centres across the UK, supported by regional spokes and a fleet of branded delivery vans that reach over 80% of UK households.

As the home of M&S Food online, it now offers more than 45,000 products, spanning M&S ranges, major brands, challenger labels and Ocado’s own lines.