Ocado

The fire at an Ocado warehouse which took place in February cost the company over £110 million, it has revealed.

Ocado said it has been able to recover most of the costs from insurance and expects to be able to recover the full cost.

The fire resulted in a half-year loss of £142.8m and a 2% drop in sales. The previous six month period showed a loss of £13m, but Ocado stressed that its losses for the latest period were around £43m when the fire costs were excluded.

Despite the upheaval, Ocado said it was optimistic about its future, with a deal agreed earlier this year to operate Marks & Spencer’s grocery delivery service.

“We have never had as many opportunities to grow as we do today,” said Tim Steiner, Ocado’s chief executive.