Opinion: How many more tomorrows will the City give Ocado?

Ocado Andover

Ocado has today reported a big slump in half-year profit – yet the City remains, for now at least, fairly sanguine.

Putting a brave face on what would have been – for any other retailer – an absolute shocker of a first half of the year, Ocado boss Tim Steiner said that the etailer-turned-technology business has “never had as many opportunities to grow as we do today”.

In the 26 weeks to June 2, 2019, Ocado saw its EBITDA dive 46.3% to just £18.1m in adjusted terms, despite a 10.5% increase in group revenue to £882.3m.

Despite the profits plunge, it seems most shareholders and the City more widely, broadly agree with Steiner’s prediction.

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