The COVID-19 pandemic has resulted in years of forecasted growth in online grocery shopping being condensed into a matter of months, according to Tim Steiner, CEO of online grocery company Ocado.

Steiner said he is confident that this accelerated growth in online grocery shopping will continue and permanently redraw the grocery shopping landscape worldwide.

Steiner made the comments as Ocado reported half year sales of just under £1.1bn (€1.2bn), which was up 23% year-on-year. The vast majority of Ocado’s sales come from online grocery sales, which were up 27% in the period to just over £1bn (€1.1bn). The UK company also makes money by selling its online grocery technology to other supermarkets.

Profits (EBITDA) from Ocado’s online grocery business grew by 87% in the first half of the year to £45.7m (€50m), leaving the group with an earnings margin of 4.4%. However, Ocado reported a net loss of £41m (€45m) as a result of heavy capital investment in international expansion. Shares in Ocado have risen 60% since the start of the year.