Ocado sales up ahead of possible float

UPMARKET online supermarket Ocado has delivered a 25 per cent jump in annual sales and beefed up its board ahead of an expected float later this year.

Sales for the year to 29 November surged to 427.3 million, while operating losses narrowed by 33 per cent to 14.4m despite a "highly competitive" backdrop.

Ocado, which was founded ten years ago and began trading in 2002, has drafted in two new directors as the company weighs up plans for an initial public offering.

David Grigson – a board veteran of major firms including Standard Life, Reuters, Emap and Carphone Warehouse – will be the firm's senior independent director.

Ruth Anderson, who spent more than 30 years at financial services firm KPMG, will chair Ocado's audit committee.

Average weekly orders for Ocado, which is currently 29 per cent owned by the John Lewis pension fund, were up 26 per cent over the year to 71,000 items, and broke the 90,000 barrier for the first time in November last year.