UPMARKET online supermarket Ocado today delivered a 25% jump in annual sales and beefed up its board ahead of an expected float later this year.

Sales for the year to November 29 surged to £427.3 million, while operating losses narrowed by 33% to £14.4 million despite a "highly competitive" backdrop.

Ocado, which was founded 10 years ago and began trading in 2002, has drafted in two new directors as the company weighs up plans for an initial public offering.

David Grigson - a board veteran of major companies including Reuters, Emap, Carphone Warehouse and Standard Life - will be the firm’s senior independent director.

Ruth Anderson, who spent more than 30 years at financial services firm KPMG, will chair Ocado’s audit committee.