Ocado Group Posts Pretax Loss In H1; Group Revenue Up 12.1% – Quick Facts

Ocado Group plc (OCDO.L) reported a loss before tax of 9.0 million pounds for the 26 weeks ended 3rd June 2018 compared to profit of 7.7 million pounds, prior year. Loss per share was 1.49 pence compared to profit of 1.23 pence. EBITDA of 38.9 million pounds, was 13.9% lower than the prior year. The Group said this was primarily driven by increased investments in capacity and platform, notably with higher fixed costs year-on-year from opening new proprietary CFC in Andover, increased head office headcount to support growth of platform, and higher estimates for share-based senior management incentive charges largely due to the increase in share price in the period.

First-half revenue grew by over 12.1% to 799.9 million pounds in comparison to 2017 revenue of 713.8 million pounds. The Group said the rise in revenue was driven by an increase in the average number of orders per week and fees earned from clients. Retail revenue has grown by 11.7% having been impacted by the severe weather in the first quarter. Active customers were up 12.8% to 679,000.

During the period, the Group did not declare a dividend. Looking forward, the Group said it remains confident in achieving revenue growth in Retail business of between 10-15% in the 2018 financial year.

by RTTNews Staff Writer

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