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Ocado sees a rise in profits

by LLB Reporter
31st Jan 17 2:57 pm

Figures are on the increase…

The online grocer Ocado has seen its profits rise, however a long-awaited overseas deal has yet to make any appearance.

The company saw an increase of 21.8 per cent on pre-tax profits to £14.5m for the year on 27 November.

Investors welcomed Ocado’s newly found results, its share price soared by more than seven per cent to 262p in morning trading.

Annual revenues saw a rise of 14.8 per cent to £1.27bn, the company also saw its customer base grow by almost 14 per cent over the year to 580,000.

Despite the good news Ocado is still in talks with many international retailers, regarding a partnership using the Ocado Smart Platform.

George Salmon, equity analyst at Hargreaves Lansdown said: “The group has long said it’s making progress on deals with third parties, but there hasn’t been much in the way of tangible progress recently.”

“The appointment of Luke Jensen (from Sainsbury’s) as head of Ocado’s Smart Platform will raise hopes that the group can finally get someone to sign on the dotted line.”

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