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| Ocado reports first annual profit | Ocado reports first annual profit |
| (about 3 hours later) | |
| Online grocer Ocado has reported a full-year pre-tax profit for the first time since launching in 2000. | Online grocer Ocado has reported a full-year pre-tax profit for the first time since launching in 2000. |
| The company reported a pre-tax profit of £7.2m last year on the back of a 20% jump in sales to £948.9m. The company made a loss of £12.5m in 2013. | The company reported a pre-tax profit of £7.2m last year on the back of a 20% jump in sales to £948.9m. The company made a loss of £12.5m in 2013. |
| Ocado's customer base grew by almost 70,000 to 453,000. | Ocado's customer base grew by almost 70,000 to 453,000. |
| The company has benefited from a tie-up with Morrisons in 2013, and continues to deliver goods from Waitrose. | The company has benefited from a tie-up with Morrisons in 2013, and continues to deliver goods from Waitrose. |
| "We continued to grow ahead of the online grocery market and significantly ahead of the market overall," said Ocado's chief executive Tim Steiner. | "We continued to grow ahead of the online grocery market and significantly ahead of the market overall," said Ocado's chief executive Tim Steiner. |
| He added that the agreement with Morrisons, the UK's fourth-biggest supermarket chain, would pave the way for similar deals with other retailers. | He added that the agreement with Morrisons, the UK's fourth-biggest supermarket chain, would pave the way for similar deals with other retailers. |
| The company said the average spend per transaction of its customers was £112.25. | The company said the average spend per transaction of its customers was £112.25. |
| Investors welcomed the landmark profit, with Ocado shares almost 5% higher in afternoon trading. | |
| "After a decade and a half of trying, Ocado has worked out how to deliver baked beans, ice cream, Jaffa Cakes and chipotle chillies without booking a bottom-line loss," said Clive Black at retail analyst Shore Capital. | "After a decade and a half of trying, Ocado has worked out how to deliver baked beans, ice cream, Jaffa Cakes and chipotle chillies without booking a bottom-line loss," said Clive Black at retail analyst Shore Capital. |
| He warned, however, that the company would continue to face high investment costs and weak profits. | He warned, however, that the company would continue to face high investment costs and weak profits. |