Ocado Investor Day Presentation Deck
Ocado Retail: margin potential underpinned by operating leverage
and technology
O
c40%
O
operating leverage
Immature volumes
relative to fixed costs
and investment:
FY21
6.6%
% EBITDA margin
YoY margin pressure reflects...
c30%
marketing
overheads
capacity fees
site costs
Part normalisation
following low spend
during pandemic, part
going for growth and
customer acquisition
cost
FY22
low single digit
reflecting current cost-of-living
crisis and inflationary pressures
c20%
inflation
Result of
significant
increases in utility
and fuel costs
mid-term
high mid-single digit
margin potential at mature
capacity, benefits of Re:
Imagined still to come
...but underlying trends are encouraging
Target efficiency
achieved at latest sites
Latest sites, Andover and
Purfleet, operating at
200+ UPH less than a year
after go live
Customer
acquisition continues
Active customer base +12%
year on year YTD
Well invested for
growth; CFC roll out to
support continued
customer acquisition
High mid-single digit EBITDA margin business in mid-term
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