Ocado’s warehouse in Hatfield, Hertfordshire. Credit: Mrnaveed/commons.wikipedia.org.

UK-based retail company Ocado has reported revenue of £1.4bn ($1.83bn) in the first half of fiscal year 2023 (H1 2023), up around 9% compared with the same period in the fiscal year 2022.

For the 26 weeks ended 28 May 2023, revenue of Ocado Retail grew 5% to £1.17bn, while its Technology Solutions division reported revenue growth of 59% over the period.

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The company’s earnings before interest, taxes, depreciation and amortisation for H1 2023 were approximately £17m, an increase of 222.1% from the prior year period.

Its operating costs increased by 6.1% to £1.35bn, while the total reported loss before tax was £289.5m in H1 2023 against £211.3m in H1 2022.

During the quarter, Ocado Retail saw its average orders per week grow 4% to 392,000, while its average basket value increased 1.5%.

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Ocado Group chief executive officer Tim Steiner said: “Ocado Group has made good progress over the last six months. Technology Solutions has continued to deliver our industry-leading Ocado Smart Platform around the world and the opening of the first CFC for AEON, Japan’s biggest food retailer, in Chiba City, just outside Tokyo, is a landmark for the grocery sector.

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“At a Group level, I am pleased to see the operational and financial discipline delivered by all our teams as we focus on driving cost efficiencies and cash flow improvement. For these reasons, we look forward to delivering the full potential of the business and continuing to create lasting value for all our stakeholders.”

In FY 2023, the company expects revenue for Technology Solutions to grow 40%, while revenue for Ocado Retail is expected to grow by mid-single digits.

Recently, Ocado opened its first customer fulfilment centre in Hondacho, Midori-ku, Chiba city, Japan, in partnership with AEON.