Ocado cut its losses by a third in 2009 to £14.4m.

Sales at the online retailer – which has yet to turn a profit since its launch in 2002 – increased to £427.3m, with like-for-likes up by 22% for the year to 29 November.

”In a difficult retail environment we have reported good results,” said finance director Andrew Bracey.

Sales for the past three months are also reportedly up almost a third (30%).

The results come after Ocado last month confirmed widely trailed plans to list on the London Stock Exchange in the wake of the looming general election.

It has indicated that cash raised by the imminent IPO could be used to set up a new distribution centre in either the south of England or the Midlands.

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