Ocado Group PLC has released its interim results for the 26 weeks ended 2 June 2024, showcasing continued financial, operational, and strategic progress. The company reported a 12.6% increase in group revenue, reaching 1.5 billion, with Technology Solutions revenue up by 22%, Ocado Logistics by 6%, and Ocado Retail by 11%. The group's adjusted EBITDA saw a significant increase to 71.2 million, up from 16.6 million, driven by improvements across its segments.
The reported loss before tax decreased to 154 million from 290 million in the previous year, with underlying cash outflow improving by 101 million compared to the same period in 2023. The company's liquidity remains strong at 1,047 million. Ocado Group is committed to cost and capital discipline, aiming to reduce total technology and support annual spend while focusing on technology cost reductions.
Ocado Group raised its FY24 EBITDA and cash flow guidance, expecting a 150 million improvement in underlying cash flow and a mid-teens EBITDA margin for Technology Solutions. The company also highlighted operational and strategic progress, including growth in average live modules for Technology Solutions and ongoing efforts to drive productivity and efficiency for its UK partners through Ocado Logistics.
Tim Steiner, Chief Executive Officer of Ocado Group, emphasized the company's support for leading grocers worldwide and its unique position to take advantage of the global shift to online grocery. He also highlighted the company's focus on helping partners execute their online strategies and delivering attractive returns from their investment in Ocado's technology.
The financial results, operational advancements, and strategic outlook presented in the report demonstrate Ocado Group's continued growth and its commitment to supporting partners while building a profitable, cash-generating technology business.