As he unveiled full-year results, Ocado chief executive and co-founder Tim Steiner was at times defiant but often optimistic, particularly given that the business reported a deepened loss before tax of £214.5m and EBITDA slumped 27.3% to £43.3m.

But Steiner maintained the overall performance showed “the momentum that is now in the business and the progress that we’ve made over what’s been an extraordinary 12 months” – which includes the signing of two new Solutions clients, maintaining strong revenue growth and, of course, sealing the joint venture with Marks & Spencer.