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- 4.6%retail revenue growth
- 301.2%International Solutions revenue growth
- 8.6%UK S&L revenue growth
- £61.0mgroup EBITDA
- £1.5bnCurrent funding position
Over the past year, we’ve continued to respond well to the demand of faster growth that the COVID-19 situation has created in online grocery worldwide. During the 2021 financial year, we doubled our live international CFCs to 4 and continued to support our partners in the increasing demand for online through our growing leaders club of international grocery retailers.
By the end of the year, 7 of our 10 partners were live on the OSP platform, with automated CFCs live in four partner markets.
In the UK, after successfully launching Bristol, Purfleet and re-opening Andover for Ocado Retail, we’re due to take one more CFC live in Bicester during 2022. These new CFCs are continuing to ramp to increase capacity and support new customer growth for the business.
We showcased our constant innovation during the Ocado Re:Imagined product launch event on January 26th showing the next leap of game-changing technology. This represents a transformative lap forward allowing our partners to out-compete peers in the online space.
This means partners will be able to order a CFC that will go live quicker, at a lower cost, and achieve higher margins and return on capital. For Ocado Group, that means a bigger prospect market.
Explore and download our Full Year 2021 results
Hear from Tim and Stephen as they discuss the impact of the new technological developments
In January we hosted the Ocado Re:Imagined event where the technology team talked about some of the developments coming out in the coming 1-2 years on the Ocado Smart Platform. Following on from this event CEO Tim Steiner and CFO Stephen Daintith talk about the impact these developments will have on the business for us and our partners, and how they will push us further forward in our mission to change the way the world shops.
Full Year 2021 Financial Results
*These measures are Alternative Performance Measures, refer to section 6 in the condensed financial statements.
Notes
1. Revenue is online sales (net of returns) including charges for delivery but excluding relevant vouchers/offers and value added tax. The recharge of costs to our UK Solutions clients and International Solutions clients are also included in revenue with the exception of recharges to Ocado Retail which are eliminated on consolidation
2. EBITDA* is a non-GAAP measure which we define as earnings before net finance cost, taxation, depreciation, amortisation, impairment and exceptional items*
3. Net exceptional income of £42.8 million primarily relates to £78.6 million of insurance income related to the Andover CFC fire in 2019, offset by litigation costs of £28.9 million (principally related to patent infringement litigation between the Group and AutoStore Technology AS).
4. During the period, the Group updated its policy on IAS 38 Intangible Assets following the IFRIC interpretation on accounting for configuration or customisation costs in cloud computing or SaaS arrangement. As a result of the Group’s change in accounting policy, the prior period comparatives have been restated to derecognise previously capitalised SaaS related costs amounting to £8.3 million. This amount has been expensed in full and disclosed as an exceptional item. This restatement has increased the Group’s loss for the prior period by £8.3 million and a corresponding decrease in the net exceptional income for the same amount. The impact on the balance sheet is a decrease in non-current assets by £8.3 million.
The commentary is on a pre-exceptional basis to aid understanding of underlying performance of the business.
Latest Annual Report
Our 2022 Annual Report was released in early February.
You can read about the large and growing opportunity for OSP, our international and UK solutions business and our continuous innovation. Read more and download a copy.
Half Year 2021 Financial Results
Over the first six months of 2021, we continued to respond well to increasing demand and the challenges of faster growth that the COVID-19 pandemic created for online grocery worldwide.
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