Ocado has returned to profitability in its second quarter amid the ongoing cost-of-living crisis and rising inflation.
In the 26 weeks ended 28 May 2023, the online-only grocer posted group EBITDA of £16.5 million compared with a loss of £13.6 million in the same period last year.
Meanwhile, Ocado Retail posted a dip of £2.5 million in EBITDA in the first half of the year, compared with a profit of £31.3 million in the year prior, despite remaining positive throughout its second quarter.
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Group revenues also increased by 9% to £1.4 billion in the period, the company stated, with its retail arm reporting a 5% rise in revenues due to its price-cutting initiatives amid the cost-of-living crisis.
“Ocado Group has made good progress over the last six months,” Ocado CEO Tim Steiner said.
“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.”
He added: “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.”
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