Ocado stocks down on widening losses

<p>The online supermarket is yet to record a profit.</p>

The share price of Ocado is down today (February 4th) after the grocery delivery service released its latest financial results.

It was announced by the firm that its losses have widened and the company is still yet to record a profit since it was founded.

Ocado revealed that its loss for 2013 was £12.5 million, which was up from the £0.6 million that it lost in the previous 12 months.

However, a new deal with supermarket chain Morrisons is expected to see Ocado's financial position improve in the coming year.

Commenting on the results, chief executive Tim Steiner stated that new online pet store, Fetch, will be rolled out in 2014.

"The momentum seems unstoppable… we are confident that we are well positioned to benefit from future strategic developments as online grocery shopping increases in popularity," he said.

Ocado also confirmed that its co-founder Jason Gissings is to leave the firm in the spring to spend more time with his family.

At 15:27 GMT, stocks in Ocado were down by 2.2 per cent for the day.

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