The online grocer Ocado blamed new accounting rules for a 21% fall in full-year profits.

Ocado, which has a 1% share of the UK’s grocery market, grew active customers by 11.8% to 721,000 during the year. Total order volumes increased 12.1% to an average of 296,000 per week. Average basket value was slightly lower than last year at £107. Though there was an increase in average price per item, this was offset by a decrease in the average basket size.

Over the past year, the company’s shares have almost doubled on the back of overseas partnership deals.

Last May, Ocado signed a deal with US supermarket chain Kroger.

The company made earnings before interest, tax, depreciation and amortisation (EBITDA) of £59.5m last yea,r despite group revenue rising 12.3% to £1.6bn.

It is forecasting retail revenue growth of 10-15% as it increases capacity and grows market share.

On Tuesday, a huge fire swept through an Ocado robotic warehouse in the UK.