Ocado Group plc (OTCPK:OCDGF) Q4 2024 Results Conference Call January 14, 2025 3:00 AM ET
Company Participants
Hannah Gibson – CEO
Mat Ankers – CFO
Conference Call Participants
Manjari Dhar – RBC
Luke Holbrook – Morgan Stanley
William Woods – Bernstein
Sarah Roberts – Barclays
Tintin Stormont – Deutsche Numis
Operator
Good morning, and welcome to the Ocado Q4 2024 Analyst Call. I will now hand over to Chief Executive Officer, Hannah Gibson. Please go ahead.
Hannah Gibson
Good morning, all. Thank you for joining Ocado Retail’s Q4 results today. I’m Hannah Gibson, CEO of Ocado Retail, and I’m joined by Mat Ankers, our CFO. There’s been a lot going on at Ocado Retail in 2024, and we’ve made great progress on delivering on our perfect execution strategy. And as a result, we’ve seen strong growth, which accelerated as the year progressed. Our proposition is resonating with customers. We’ve seen more people shopping with us more often as we give them even better service at better value.
Let me share some of the key highlights from the Q4 period which includes the 13 weeks to the first of December 2024. Our retail revenue grew by 17.5% to GBP 716 million. On ocado.com, our volumes grew by 17% year-on-year and average orders per week grew by 16.9% to 476,000. We hit 0.5 million orders per week at the end of Q4.
Looking now to the full year FY ’24 results, which includes the 52 weeks, the first December 2024. Our retail revenue grew by 13.9% to GBP 2.668 billion. Volumes, total items on ocado.com grew by 12.9% and average orders per week grew by 12.5%, driven by growth in active customer base of 12.1% to 1.1 million customers and frequency increased as customers shopped with us more often. Average basket value increased by 1% to GBP 122 and 9p due to growth in
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