Ocado Pre-Tax Loss For 2013 Hits £12.5m
Online grocery firm Ocado has reported a full-year pre-tax loss of £12.5m.
The loss, for the 12 months to December 1, compared to a £600,000 loss in the 2011-12 financial year.
But Ocado said it was well positioned for 2013-14 - a year when analysts expect it to make a pretax profit for the first time.
Pre-tax earnings before exceptional items for the year were up 32.8% to £45.8m. Gross retail sales were up 15.2% to 843m.
The company was launched in 2000 with a share price of 180p.
After falling to a low of 54p in December 2011 its shares have risen to above £5 each. In early Tuesday trades shares were down more than 2%.
In the last 12 months alone they have increased almost 400%, spurred by its £200m long-term contract win to deliver groceries for the Morrisons supermarket chain.
When the news was announced last May, Ocado shares climbed 47% in a day.
Morrisons is the fourth biggest supermarket chain in Britain and the company hopes to replicate the outsourcing model overseas.
Ocado also confirmed that co-founder Jason Gissing would leave the firm following the annual general meeting in May.
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