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| Ocado losses narrow as sales increase | Ocado losses narrow as sales increase |
| (35 minutes later) | |
| Online supermarket Ocado has seen its losses narrow, thanks to increasing sales. | Online supermarket Ocado has seen its losses narrow, thanks to increasing sales. |
| The company reported a loss of £600,000 in 2012 - down from £2.4m in 2011. Sales rose 11.4% to £716m - with a record week in the run-up to Christmas. | The company reported a loss of £600,000 in 2012 - down from £2.4m in 2011. Sales rose 11.4% to £716m - with a record week in the run-up to Christmas. |
| It is opening a second distribution centre in Warwickshire to help it compete against its rivals. The move will create about 1,000 new jobs. | It is opening a second distribution centre in Warwickshire to help it compete against its rivals. The move will create about 1,000 new jobs. |
| Ocado shares rose 7% in morning trading to 111p. | Ocado shares rose 7% in morning trading to 111p. |
| While the shares are up more than a quarter so far this year, they are still below the flotation price. | While the shares are up more than a quarter so far this year, they are still below the flotation price. |
| Ocado shares were floated in July 2010 at a price of 180p. | Ocado shares were floated in July 2010 at a price of 180p. |
| Partner needed? | Partner needed? |
| "Shopping online for groceries is clearly of increasing importance to customers. " said chief executive Tim Steiner. | "Shopping online for groceries is clearly of increasing importance to customers. " said chief executive Tim Steiner. |
| "In 2013, we will continue to improve the attractiveness of Ocado to customers and we shall substantially increase our capacity with the opening of our second fulfilment centre." | "In 2013, we will continue to improve the attractiveness of Ocado to customers and we shall substantially increase our capacity with the opening of our second fulfilment centre." |
| Matt Piner from the retail research agency Conlumino said that while the company had made impressive progress so far, it was hard to see it continuing to do so alone. | Matt Piner from the retail research agency Conlumino said that while the company had made impressive progress so far, it was hard to see it continuing to do so alone. |
| "There is no doubt that Ocado is a progressive, forward-looking business. However, it is difficult to see how it can continue to improve sufficiently without some sort of partnership with a bigger competitor. " | "There is no doubt that Ocado is a progressive, forward-looking business. However, it is difficult to see how it can continue to improve sufficiently without some sort of partnership with a bigger competitor. " |
| Ocado was set up in 2000 by three former Goldman Sachs bankers and has yet to make a pre-tax profit. Last month, the former Marks and Spencer boss, Sir Stuart Rose, was appointed as chairman. |