Ocado’s full year results have seen the retailer narrow its losses after it cut its marketing budget by a quarter last year.
Ocado’s full-year loss narrowed to £394m, with the retailer returning to profit at EBITDA level.
Its EBITDA was £51.6m, up £126m, from a loss of £74m.
Sales at the online group rose almost 10%, while its technology solutions business surged 44%.
Despite the marketing cutbacks, the online retailer has recently joined competitors in putting out price-focused adverts including a 30-second advert from St Luke’s agency.
It comes as shoppers reined in their spending over the year, as they managed the impacts of the cost-of-living crisis.
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It comes as the retailer announced last week that it is reviewing its media account, appointing consultancy Flock Associates to act as intermediary during the process.
The account had been held by Omnicom owned agency Hearts & Science, alongside brand performance firm Three Pipe Reply, since 2021.
The group has said it will ramp up marketing and billboards in the coming year via Ocado Intelligent Automation, and has begun discussion with several possible partners.
Ocado Group chief executive officer Tim Steiner said: “I am pleased to report good progress across group in 2023. Our technology is transforming the way people shop as we help some of the world’s best and most innovative retailers set the bar for excellence in grocery ecommerce worldwide”.
