Ocado profits hit by Andover fire as sales climb
Ocado posted a fall in half-year profits due to costs associated with the fire at its Andover warehouse, but sales rose as boss Tim Steiner hailed “innovation” at the grocer.
The online grocery retailer posted a 46.3% decline in EBITDA to £18.1m in the 26 weeks to June 2, down to £18.7m in adjusted terms, as group revenue increased 10.5% to £882.3m.
The retailer recorded widened pre-tax losses of £142.8m compared to a £13.6m pre-tax loss the previous year, down to £43m in adjusted terms.
The retailer said its decline in profits “reflects the combined impacts of the Andover fire, IFRS 15 delaying the recognition of fees from international solutions partners as revenue, and the cost of share schemes.”
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