By Daniel Hunter

Ocado has reported its first ever annual profits after more than 15 years after it was founded.

The grocery delivery service firm made a pre-tax profit of £7.2m for the year to the end of November after reporting a £12.5m loss a year earlier. Revenues were up 19.8% to £948.9m.

Tim Steiner, Ocado chief executive, said: “Channel shift towards online grocery shopping continued during the period.

“While the broader grocery market was characterised by intense competition with minimal growth in the segment, declining supermarket store sales, competitive price activity and cautious consumer spending. We continued to grow ahead of the online grocery market and significantly ahead of the market overall.”

Ocado has delivered groceries for Waitrose since it was launched in 2000, and a partnership with Morrisons was announced last year. Tim Steiner said it would pave the way for other collaborations in the future.

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