Ocado Group plc (LON:OCDO) today announced its trading statement for the 13 weeks to 2 December 2018.
Highlights
– Consistent strong growth in Revenue (Retail) of 12.0%, in line with our guidance for the year
– Ocado remains the prime catalyst for growth in the UK online channel
– Our new state of the art facilities at Andover (CFC3) and Erith (CFC4) continue to perform well, with Erith now processing over 30,000 orders per week
– Double digit growth in average orders per week with average order size slightly down at £105
Key financials
|
13 weeks to 2 December 2018 |
13 weeks to 3 December 2017* |
Growth4 |
|
|
Revenue (Retail)1 |
£390.7m |
£348.9m |
12.0% |
|
Average orders per week2 |
320,000 |
283,000 |
13.1% |
|
Average order size3 |
£104.91 |
£105.94 |
(1.0%) |
*Restated prior year to 13 weeks for comparative purposes
As at 2 December 2018 the Group had cash and cash equivalents of £411 million and external borrowings5 of £286 million.
Tim Steiner, Ocado’s Chief Executive Officer, said:
“Our unrelenting focus on delivering consistent high levels of service and value to our customers in the U.K. has produced another quarter of satisfying growth. The new capacity that we have brought on stream in CFCs 3 and 4 in Andover and Erith has enabled us to again report double digit growth in new customer acquisition. Both facilities are performing well and Erith continues to ramp up in line with our expectations.
Although in many respects 2018 has been a transformative year for Ocado, the story has only just begun. We look forward to the coming year and continuing to turn our substantial opportunities into sustainable value for all our stakeholders”.
Ocado will be hosting an analyst conference call at 7.30am today. Please dial 0800 358 9473, Participant pin code: 92239204#. A replay facility can be accessed on: 0800 358 2049 with the following conference pin required: 301224000# for 90 days following the announcement.
Ocado will also be hosting a conference call on 21 January to discuss the implications of IFRS 15 for the reporting of the company’s financial results.
