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09 Feb 2021 | 07:01

Ocado profits boosted by home delivery demand during pandemic

(Sharecast News) - Online grocery platform and solutions provider Ocado on Tuesday reported a 68.8% rise in core earnings as the coronavirus pandemic drove demand for home deliveries. Earnings before interest, tax, depreciation and amortisation (EBITDA) in the 12 months to November 29 rose to £73.1m from £43.3m a year earlier and higher than company estimates of £70m. Full-year revenues were up 32.7% to £2.3bn.

Ocado said it expected fiscal 2021 revenues to increase as a result of the acquisition of Kindred Systems and Haddington Dynamics by approximately £30m with a small negative impact on EBITDA.

It added that it was investing an additional £30 million to accelerate investments in technology and platform, in response to the increased demand for online grocery

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