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Ocado’s profits plummet as it ramps up tech investment

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Ocado has seen profits plummet, reporting an overall loss for the full year despite seeing sales rise as it continued to ramp up investment in its technology arm. For the year to December 3, the online-only grocer saw sales rise 12.4 per cent, but it endured a major drop in pre-tax profits, reporting a loss of £500,000 compared to a £12 million profit in the prior year. Retail earnings over the period also rose 4.5 per cent to £79.2 million, while order numbers rose 14.3 per cent to a 263,000-order average per week

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Ocado’s profits plummet as it ramps up tech investment

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