KPIs

Ocado Group revenue continues to grow robustly YoY, reflecting growth across our Technology Solutions and UK logistics businesses, and our UK Retail JV (Ocado Retail Ltd). Our Technology Solutions business has partnered with 13 of the world’s leading grocery retailers to power their online businesses with the Ocado Smart Platform (OSP).

The primary revenue driver in our Technology Solutions business remains our international solutions partnerships, generating high recurring revenue through licensing our technology products and services. Our recurring revenue growth remains strong.

Our recurring revenues are driven by the sales capacity in the CFCs used by our partners. A ‘module’ describes a unit of capacity in an Ocado CFC, reflecting a level of volume processed through Ocado’s automated technology. Ocado’s ongoing fees per CFC are related to the number of modules drawn down or “live”.

After direct operating costs, our Technology Solutions business has a strong contribution margin of c. 70%.

Adjusted EBITDA continues to build as our international partners mature and we drive efficiencies in both our support costs and research and development. In FY24 our Technology Solutions business had an Adjusted EBITDA margin of 16%.

We maintain a focus on rigorous capital discipline and cashflow management, with significant YoY improvements and an expectation to turn cashflow positive during FY26.