Ocado Group PLC has released its annual financial report for the 53 weeks ended 3 December 2023. The report is available on the company's website and the National Storage Mechanism. The report includes a description of principal risks and uncertainties, as well as information on important events and related party information. The risks highlighted in the report include market proposition, partner success, and key risks related to commercial viability, pricing, functionality, marketing, and the competitive environment.
The company's risk management strategies involve regular pricing reviews, analysis of partner profitability, continuous product development to reduce costs and maximize market appeal, and substantial investment in product teams to ensure leading-edge products. Additionally, Ocado assesses the potential for new business in its international regions and has expanded its Partner Success teams to support partners in the profitable growth of their online businesses. The company also reviews and benchmarks partner performance regularly, collaborates with partners on technology roadmaps, and develops training and development materials to support their growth and profitability.
Ocado's focus on managing these risks is aligned with its strategic goals of growing revenue, optimizing OSP economics, embedding a responsible business approach, and delivering transformational technology to drive success for its partners. The company's commitment to responsible business includes a focus on environment and natural resources, as well as platform resilience and innovation. The report also highlights the movement and risk owners for each identified risk, emphasizing the company's proactive approach to risk management and its dedication to supporting the success of its partners.