Ocado reaches profits landmark

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Upmarket online retailer Ocado has posted a profit for the first time in its history

Upmarket online retailer Ocado has posted a profit for the first time in its history after it scraped into the black at the end of 2010.

The group, which was founded in April 2000 and has a delivery deal with supermarket Waitrose, made a pre-tax profit of £300,000 for its final quarter to November 28, although it remained in the red for the full year.

In its first set of results since floating on the stock market last July, Ocado revealed pre-tax losses more than halved to £12.2 million, including £3.5 million of flotation costs, from £25.5 million a year earlier.

Annual sales rose 29% to £551.1 million and the group said it had maintained growth since the year-end, with sales so far up 25%.

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