Ocado is gearing up to push the button on its plans for a £1bn stock market flotation this week, it is understood.
The online grocer is expected to reveal that underlying profits have doubled from more than £2m to £4m-£5m in the first half of its financial year, according to the Sunday Times. Sales are expected to be up by more than 30%.
Ocado is to offer customers who have spent more than £300 since the start of the year the chance to buy shares in the float. It is thought the retailer hopes its shoppers could buy up to 20%.
The listing is however controversial as Ocado has not yet made a pre-tax profit in its 10-year history. If successful, the float will fund a new distribution centre and wipe out the grocer’s debt.