Ocado raked in half-year sales of £1billion for the first time ever as founder Tim Steiner declared ‘the world has changed’

Ocado raked in half-year sales of £1billion for the first time ever as founder Tim Steiner declared ‘the world has changed’.

The coronavirus pandemic has pushed millions of families online to get their groceries, with uptake strongest amongst the over-65s.

The group reported a 27 per cent jump in retail revenues to £1billion due to ‘unprecedented’ demand during the six months to May 31.

Ocado reported a 27 per cent jump in retail revenues to £1bn due to 'unprecedented' demand during the six months to May 31

Ocado reported a 27 per cent jump in retail revenues to £1bn due to ‘unprecedented’ demand during the six months to May 31

This helped retail profits jump 87 per cent to £45.7million, once extra costs from staff bonuses, testing and PPE were taken into account.

Steiner, who founded the firm 20 years ago, said: ‘The world as we know it has changed. 

As a result of Covid-19 we have seen years of growth in the online grocery market condensed into a matter of months – and we won’t be going back.’

He added he was confident this would lead to a ‘permanent redrawing of the landscape of the grocery industry worldwide’.

The group still made a loss as it ramped up investment in high-tech robotic warehouses for supermarkets abroad.

But the loss narrowed from £147.4million to £40.6million.

It also opened its first robotic distribution warehouses for Casino in Paris and Toronto.

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