StockMarketWire.com - Online grocery retailer Ocado said its joint venture with Marks & Spencer had grown its revenue by 52% in the the third quarter as people hunkered down at home during the pandemic.

Ocado said the division's strong performance suggested that the company could post annual earnings before interest, tax, depreciation and amortisation (EBITDA) of at least £40m.

Last year, the company posted EBTIDA of £43.3m.

Sales at the retail joint venture for the 13 weeks through 30 August jumped to £587.3m, up from £386.4m.

The average number of orders per week rose 9.6% to 345,000.

Ocado said that average order size continued to normalise from Covid-related peaks to £1411, but remained above pre-crisis levels.

'These are transformational times for Ocado Retail with M&S products now exclusively available online at Ocado.com,' chief executive Melanie Smith said.

'Our aim is to continue to set the bar as we begin again to welcome new customers who are seeing the benefits of online shopping in ever greater numbers and we remain focused and on track to increase capacity by 40% through to 2021.'

Ocado also has a separate division concentrated on logistics technology.

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