Online grocer Ocado today reported a loss of £12.5 million for 2013, compared to £0.6 million in the year previous.
Despite this Ocado, who are yet to report an annual profit, says that it has made "significant progress".
Overall, sales rose 18.6% to £843 million during the year.
The £12.5 million loss is being attributed to expansion costs and investment in its partnership with supermarket chain Morrisons.
The firm opened a new distribution centre in Warwickshire last year, linked to its 25-year online delivery deal with the supermarket.
"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," said chief executive Tim Steiner.
Ocado also said today that said co-founder Jason Gissings, who owns 3% of the company, would leave in May of this year.
"He has four young children and wants to spend more time with them," it said in a statement.
© 2014 - European Supermarket Magazine by Enda Dowling
