Ocado Group, Britain's largest internet-only grocer, said revenue jumped in the Christmas period as shoppers bought more provisions online.

Sales in the six trading weeks to January 5th climbed 21 per cent to £111.1 million, the England-based company said in a statement yesterday. Sales in the seven days leading to Christmas rose nearly 29 per cent.

“While we are encouraged by this current trading, the retail environment remains both challenging and competitive, with consumer sentiment subdued,” chief executive Tim Steiner said in the statement.

Ocado was the best-performing stock on the FTSE 350 last year, climbing more than fivefold, after a 25-year agreement to help Morrison Supermarkets start an online grocery service. That stoked optimism that Ocado would strike more such deals, potentially putting a higher value on its web and logistics technology than its retail business. – (Bloomberg)