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Ocado Group PLC on Tuesday said revenue grew in the third quarter as order and customer numbers increased. The Hertfordshire-based online grocer and warehouse technology firm reported that revenue in third quarter ended August 27 was £569.6 million, increasing 7.2% from £531.5 million the year prior. The firm said average orders increased 1.9% to 381,000 per week, from 374,000 a year prior. Average customers also grew 1.5% to 961,000, from 946,000, while the average basket value rose 4.2% to £120.72, from £115.85. The firm said its ‘perfect execution programme’ and ‘Big Price Drop’ campaign have strengthened its customer proposition. Looking ahead, Ocado maintained its guidance from February, expecting mid-singe digit revenue growth for the full-year and positive earnings before interest, tax, depreciation and amortisation. Chief Executive Hannah Gibson said: ‘It has now been a year since I joined Ocado Retail and in January we set out our perfect execution strategy, making sure every element of our customer proposition and our operating model is at its best. We are delivering on this plan and have great momentum in the business, with revenue growing faster in Q3 than in H1 and a return to positive volume growth in the last month of the quarter. ‘The continued progress in Q3 underpins our confidence in delivering our FY23 guidance of mid-single digit revenue growth and full year profitability, and we have started the final quarter positively.’ Ocado shares rose 3.0% to 810.60 each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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