Chairman's letter

We are now in our second year as a public listed company and I am pleased to report that the business continues to see significant sales growth and improvements in operational profitability.

Chief Executive Officer's review

Against the backdrop of a weak UK economy, we have continued to see material growth in the online grocery market. We believe this is evidence of a structural shift in consumer behaviour; we expect continued expansion of this market in the future.

Highlights

Gross Sales

£643m

2010: £551m

EBITDA

£27.9m

2010: £22.0m

Net Assets

£173m

2010: £172m

Active Customers

298,000

2010: 262,000

Highlights