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Ocado impresses with fourth quarter profit.

ONLINE retailer Ocado made a profit for the first time in its history - after it scraped into the black at the end of 2010.

The group, which was founded in 2000 and has a delivery deal with supermarket Waitrose, made pre-tax profits of pounds 300,000 for its final quarter to November 28 - although it remained in the red for the full year.

Issuing its first set of results since floating on the stock market last July, Ocado said pre-tax losses more than halved to pounds 12.2m - including pounds 3.5m of flotation costs - from pounds 25.5m a year earlier. Annual sales rose by 29% to pounds 551.1m.

The group said it had maintained growth since the year-end, with sales up by 25% so far.

Shares closed 2% higher yesterday as the firm's founders hailed a landmark year.
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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Article Type:Financial report
Date:Feb 2, 2011
Words:141
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