Ocado Group
Full Year Results 2024
The results highlights
£3.2bn
Total Group1 Revenue, up 14.1% from FY23
£248.8m
Underlying cash outflow3 improvement
FY24 underlying cash outflow of £(223.7)m vs FY23 £(472.5)m
FY24 underlying cash outflow of £(223.7)m vs FY23 £(472.5)m
£80.9m
Technology Solutions EBITDA (margin growth to 16%)
Total Group adjusted EBITDA*2
£153.3m
FY23 £51.6m
Strong liquidity at
£1,072m
FY23 at £1,185m
Operational and strategic progress
- Strong FY24 results in line with guidance; revenues, profits and cash flows all improving significantly
- Solid growth in modules: 12 modules added during the year, now at 123 live modules (FY23: 111); 116 average live modules4 (FY23: 105): +10.5%; go-live of 3 CFCs and module drawdowns on live CFCs
- Supporting our partners: enabling our partners’ long-term growth and profitability with specialist resources embedded with our partners; first international CFCs approaching capacity
- Re:Imagined technology rollout: On Grid Robotic Pick (“OGRP”) and Automated Frameload (“AFL”) contracts signed with vast majority of partners; installations underway and rolling out at scale in FY25
- Ocado Logistics: OSP overall CFC productivity +9.1%; >30% Luton volumes picked robotically at YE
- Ocado Retail: market-leading and volume-driven sales growth +13.9%; expansion to 2.9% adjusted EBITDA margin* (excluding Hatfield fees), Q4 +17.5% sales growth, fastest growing grocer in the UK6
Our progress
In 2024, we delivered a shift in the potential of robotics and automation to improve retail supply chains. Our latest technologies have begun to roll out at scale to Ocado's global partners. This marked a milestone for our technology with the already market-leading productivity of the Ocado Customer Fulfilment Centre almost doubling over the course of a decade."
Tim Steiner, Chief Executive Officer, Ocado Group
Financial results table
| £xm | FY24 52 weeks | FY23 52 weeks | Total change £ | Total change (%) |
|---|---|---|---|---|
| Revenue5 | ||||
| Technology Solutions | 496.5 | 420.5 | 76.0 | 18.1% |
| Logistics | 718.0 | 667.5 | 50.5 | 7.6% |
| Retail | 2,685.8 | 2,375.5 | 328.3 | 13.9% |
| Eliminations | (744.4) | (679.9) | (64.5) | (9.5%) |
| Total Group*1 | 3,155.9 | 2,765.6 | 390.3 | 14.1% |
| Adjusted EBITDA*2 | ||||
| Technology Solutions | 80.9 | 15.4 | 65.5 | 425.3% |
| Logistics | 31.1 | 30.1 | 1.0 | 3.3% |
| Retail | 44.6 | 10.4 | 34.2 | 328.8% |
| Eliminations | (3.3) | (4.3) | 1.0 | 23.3% |
| Total Group*1 | 153.3 | 51.6 | 101.7 | 197.1% |
| Depreciation and amortisation6 | (460.3) | (395.9) | (64.4) | (16.3%) |
| Finance income*7 | 34.1 | 40 | (5.9) | (14.8%) |
| Finance costs | (116.4) | (95.1) | (21.3) | (22.4%) |
| Other finance gains and losses | 10.0 | (18.1) | 28.1 | 155.2% |
| Adjusted loss before tax | (379.3) | (417.5) | 38.2 | 9.1% |
| Adjusting items*8 | 4.8 | 23.9 | (19.1) | (79.9)% |
| Loss before tax | (374.5) | (393.6) | 19.1 | 4.9% |
Notes:
* These measures are alternative performance measures. Please refer to Section 6 of the Consolidated Financial Statements
1. Unless otherwise stated, the financial extracts on page 1 are shown on a fully consolidated basis, inclusive of Ocado Retail and consistent with our APM measure of Total Group. Ocado Group expects to deconsolidate Ocado Retail and to ‘equity account’ for the joint venture from early April 2025. Our Statutory accounts are required to present Ocado Retail as a ‘disposal group’ and as such Ocado Retail is entirely excluded on a Continuing basis. A fuller explanation is shown on page 11.
2. Adjusted EBITDA* is defined as earnings before net finance cost, taxation, depreciation, amortisation, impairment and adjusting items8.
3. Underlying cash flow* is the movement in cash and cash equivalents excluding adjusting items*, proceeds from the disposal of assets held for sale, cash received in respect of contingent consideration, costs of financing, purchase of/investment in unlisted equity investments and FX movements.
4. Average live modules measures the weighted average number of modules of capacity installed and ready for use by OSP clients during the year, which drives Technology Solutions recurring revenue.
5. Revenue is a. Retail - online sales (net of returns) including delivery charges to the customer b. Technology Solutions - the fees charged to Solutions partners and OIA clients and c. Logistics - the recharge of costs and associated fees from Ocado Logistics to our UK clients. Recharges from Technology Solutions and from Ocado Logistics to Ocado Retail are eliminated on consolidation.
6.Total Group*1 depreciation, amortisation and impairment of £460.3m (FY23: £395.9m) excludes £5.2m (FY23: £47.5m) recognised in adjusting items8. Continuing depreciation, amortisation and impairment of £413.9m (FY23: £338.5m) excludes £1.6m (FY23: £5.9m) recognised in adjusting items*.
7. Total Group*1 finance income of £34.1m (FY23: £40.0m) excludes £11.4m (FY23: £6.1m) recognised in adjusting items*. Continuing operations finance income of £30.4m (FY23: £39.2m) excludes £11.4m (FY23: £6.1m) recognised in adjusting items*.
8. Adjusting items* of £4.8m income (FY23: £23.9m income) comprise largely 1. gain on early partial redemption of borrowings of £43.6m (FY23: £nil),
