Ocado narrows H1 losses, lifts guidance for tech division

(Sharecast News) - Online grocer and technology company Ocado on Tuesday reported narrower interim losses and lifted full-year guidance as revenue grew across all its divisions. It lifted the full year EBITDA margin at its technology solutions division to mid-teens from previous guidance of more than 10% and also forecast underlying cash flow to improve by £150m from £100m.

Losses before tax came in at £154m from a loss of £289.5m for the 26 weeks to June 2. Core earnings more than trebled to £71.2m, while sales were up 12.6% to £1.54bn.

Reporting by Frank Prenesti for Sharecast.com