Ocado has claimed that Morrisons' move online does not present a significant threat to its revenues.

Speaking to The Grocer, as Ocado announced sales up 29% to £551.1m for the year to 28 November, CFO Andrew Bracey said: "We already compete against some of the best operators in the world in grocery and are not particularly concerned about what a new entrant might to do."

Despite recording a pre-tax loss of £12.2m for the year, Bracey hailed the results as a "landmark" after Ocado recorded its first pre-tax profit, of £300,000, for the final quarter.