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Ocado has reported widening losses in the year ending 2 December 2018.

The online food retailer recorded a pre-tax loss of £44.4m, compared with £8.3m in the previous 12 months.

However, its sales rose by 12.3% to £1.59bn and chief executive Tim Steiner said: “We now have in place a platform for significant and sustainable long-term value creation.”

Last week, Ocado’s shares rose by as much as 6.7% after a suggestion it may do a deal with Marks and Spencer.