Ocado posts first pre-tax profit

City A.M. Reporter
Online grocer Ocado made its first pre-tax profit in its fourth quarter, ahead of expectations, and said it was continuing to see strong sales growth at the start of its new financial year.

Ocado, whose shares have bounced back from a dismal first few months of trading, said on Tuesday it made a pre-tax loss of £12.2m in the year to 28 November, including £3.5m of costs related to its initial public offering in July.

That performance included a fourth-quarter pretax profit of £300,000 pounds.

"As we announced on 10 January,, our growth has continued into the new financial year seeing gross sales increase, in line with market expectations, by 25 per cent since the start of the financial year," Ocado said