Ocado welcomes two new directors

Sales for the year to November 29 surged to 427.3m, while operating losses narrowed by 33 per cent to 14.4m despite a "highly competitive" backdrop.

Ocado, founded 10 years ago and which began trading in 2002, has drafted in two new directors as the company weighs up plans for an initial public offering.

David Grigson – a board veteran of major companies including Reuters, Emap, Carphone Warehouse and Standard Life – will be the firm's senior independent director.

Ruth Anderson, who spent more than 30 years at financial services firm KPMG, will chair Ocado's audit committee.

Chief executive Tim Steiner is aiming for further growth in 2010, helped by innovations such as Ocado shopping application for iPhones and the expansion of its Everyday range.

The group expanded its range by 30 per cent to 21,000 during the year, as well as pushing its geographical coverage into areas including Gloucester, Swindon and Colchester.

Chief financial offer Andrew Bracey said: "In a difficult retail environment we have reported good results that show further growth in all areas of the UK that we currently serve."

Ocado, currently 29 per cent owned by the John Lewis pension fund, emphasises its ethical principles and picked up awards for its 'green' performance last year.