INVESTORS

Half Year Results 2020

27%Retail Revenue Growth
58%growth in fees invoiced to International Solutions Partners
£19.8mGroup EBITDA
£2.3bncurrent cash position

In the first half of the year, we've responded well to the demands for faster growth that the COVID-19 situation has created in online grocery. Our thanks go to everyone working on the frontline in the UK, who has helped our partners to serve as many of their customers as possible at this important time, as well as to those making sure we are delivering on everything we have promised internationally, despite the disruption caused by the pandemic.

Our 27% Retail Revenue growth demonstrates the results of these efforts, and Ocado’s ability to meet unprecedented and sustained demand for online grocery in the UK. Ocado Retail has achieved these levels of growth, without sacrificing profitability.

In the Solutions business, we reached some big milestones with the opening of our first-ever international CFCs. And we're ready to go further, faster for our partners.

Below you’ll find recorded videos from our business leaders alongside the financial overview from HY20.

Hear from our CEO, Tim Steiner

Explore and download our Half Year 2020 results


	Press Release	Presentation	Webcast
FY20 Half Year Results Announcement	PDF	PDF	Webcast

At Ocado, our role is to enable our partners to grow faster, delivering to all customers an outstanding experience, through a flexible ecosystem of CFCs, micro-fulfilment centres and store pick in the most economic and environmentally sustainable way.

Lord Rose, Chairman of Ocado Group

Hear from our business leaders

Mel Smith, Luke Jensen, and James Matthews from across the Ocado Group business talk through some of the highlights from the last six months. From our unique partnerships with leading grocery retailers around the world, and the cutting edge innovations our technologists are working on, to the switchover to M&S products from 1st September.

Mel Smith, CEO of Ocado Retail, talks through how the last few months have been for Ocado.com, our joint venture with M&S as the fastest-growing grocer in the UK market. Mel and the team are excited for the switchover to M&S products from 1st September, and ready for all the growth opportunities ahead.

Luke Jensen, CEO of Ocado Solutions, talks through our unique partnerships with leading grocery retailers around the world on our mission to change the way the world shops. Hear from Jean-Paul Mochet, Chairman of Monoprix, one of our first international partners to go live with Ocado Smart Platform.

James Matthews, CEO of Ocado Technology, talks through the past six months for Technology and the iterative and cutting edge innovations in software and robotics that our 2000 strong team of technologists around the world have been working on, to make sure that OSP remains the leading solution in online grocery fulfilment.

Half Year Financial Results

	1H 2020 £m	1H 2019 (retated)2 £m	Change vs 1H 2019 %
Revenue
Retail	1021.6	803.2	27.2
UK Solutions & Logistics	320.4	293.9	9
International Solutions	1.6	0.3	433.3
Inter-Segment & Other	-256.8	-215.1
Group3	1086.8	882.3	23.2
EBITDA
Retail*	45.7	24.4	87.3
UK Solutions & Logistics*	29.3	40.4	-28.2
International Solutions*	-45.1	-23.7	-90.3
Other*	-10.1	-10.8	6.5
*Group4,5**	19.8	30.7	-35.5
Exceptionals1	39.1	-99
Loss before tax	-40.6	-147.4
Capital Expenditure	219.4	112.2
Cash and cash equivalents	1,300.30	360.1
Net cash/(debt)*	196.2	-283.4

1. Exceptionals in FY2019 primarily relate to the Andover fire with a write down of associated assets of £111.8 million, offset by insurance income of £23.8 million. £36.3 million of income has been recognised in H1 2020.

2. 1H 2019 is restated for IFRS 16 * These measures are Alternative Performance Measures; refer to note 15 in the condensed financial statements.

3. 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 & Logistics clients and International Solutions clients are also included in revenue with the exception of recharges to Ocado Retail which are eliminated on consolidation.

4. EBITDA* is a non-GAAP measure which we define as earnings before net finance cost, taxation, depreciation, amortisation, impairment and exceptional items*

5. Group EBITDA includes the impact of IFRS 16 of £13.8 million in 1H 2020 and £12.6 million in 1H 2019. See page 6 of the Results Announcement for more details on the segmental impact.

Results and Presentations

From our latest technological advances to our newest partnerships and acquisitions. Get the latest reports, presentations and news about all things Ocado Group here.

Half Year Results 2020

Hear from our CEO, Tim Steiner