Ocado Keeps Guidance Unchanged Following H1 Results

Ocado kept its FY23 guidance unchanged after reporting a return to underlying profit for the first half of the year on Tuesday.

The online grocer reported EBITDA of £16.6m in the six months to May 28, compared to a loss of £13.6m in the prior year period as Ocado benefitted from several cost reductions across the business. Meanwhile, group revenue of £1.4bn was up 9%, with Ocado Retail revenue up 5%.

However, despite this growth, Ocado’s statutory pretax loss widened to £289.5m.

CEO, Tim Steiner stated that, “Ocado Group has made good progress over the last six months. Technology Solutions has continued to deliver our industry-leading Ocado Smart Platform around the world and the opening of the first CFC for AEON, Japan’s biggest food retailer, in Chiba City, just outside Tokyo, is a landmark for the grocery sector.”

Ocado shares have gained considerably over the last month as rumours of a possible takeover from Amazon have emerged as the e-commerce giant looks to expand its grocery arm.

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