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Ocado reaches profit landmark after decade; business briefing.

UPMARKET online retailer Ocado posted 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 April 2000 and has a delivery deal with supermarket Waitrose, made a pre-tax profit of pounds 300,000 for its final quarter to November 28, although it remained in the red for the full year.

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

The company is set to begin work on a new pounds 200 million distribution centre at Dordon in north Warwickshire, creating more than 2,000 jobs.
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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Date:Feb 2, 2011
Words:143
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