Half Year Results 2023

First half highlights

• Financial progress: Growing revenue, positive EBITDA and improved cash flow
• Operational progress: Driving partner success, strong growth in live modules, and improved productivity and cost efficiencies
• Strategic progress: Ocado Intelligent Automation proposition and business model advancing well in an attractive market
• H1 performance provides confidence for FY23: Financial guidance remains unchanged

From our CEO

“Ocado Group has made good progress over the last six months. Technology Solutions has continued to deliver our industry-leading Ocado Smart Platform around the world and the opening of the first CFC for AEON, Japan’s biggest food retailer, in Chiba City, just outside Tokyo, is a landmark for the grocery sector. It demonstrates that our proprietary AI and robotics can be applied to businesses across the globe; Ocado Intelligent Automation is well placed to sign its first deals to provide our automation solutions outside of grocery; and we are pleased to report significant progress in our Partner Success programme, where our partners such as Kroger are seeing tangible improvements in their operational performance. The success of this programme is important to our plans to deliver stronger growth in orders for new capacity.

In the UK, Ocado Logistics had a steady, profitable first half and Ocado Retail is making good progress, with a return to profitability in Q2. Our operations in the UK remain an important demonstration of the potential for our international ambitions, as we seek to transform the economics of online grocery and expand into the wider automated storage and retrieval solutions market.

At a Group level, I am pleased to see the operational and financial discipline delivered by all our teams as we focus on driving cost efficiencies and cash flow improvement. For these reasons, we look forward to delivering the full potential of the business and continuing to create lasting value for all our stakeholders.”