Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Online grocery and logistics group Ocado said fourth-quarter revenue at its retail joint venture with Marks & Spencer fell 3.9%.
Retail revenue declined in the 13 weeks to 28 November to £547.8 million, down from £570.1 million year-on-year, but was still up 32% on the same period in 2019.
Ocado said fourth-quarter trends reflected strong momentum in underlying demand, while forecasting its 'best-ever Christmas ahead'.
For the full year, it said its 2021 outrun was expected to be in line with guidance, with demand offset by labour pressures and capacity constraints.
Basket sizes, it added, were trending towards pre-Covid levels.
Looking to 2022, Ocado said the joint venture expected mid-teens sales growth, driven by an accelerated roll-out of new capacity.
It added that there would be a £50 million impact from increased investments in 2022 to support long-term growth.