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☆ Ocado keeps guidance after return to first-half underlying profit
▼ + stars: | 2023-07-18 | by ( James Davey | ) www.reuters.com time to read: +2 min

SummaryCompanies First half underlying profit 16.6 mln stgLosses at pretax level widen to 289.5 mln stgShares surged last month on takeover speculationLONDON, July 18 (Reuters) - Ocado (OCDO.L), the British online supermarket and technology group, kept its financial guidance for the year as it reported a return to underlying profit in its first half. However, at the statutory level Ocado's pretax loss widened to 289.5 million pounds from 211.3 million reflecting depreciation, amortisation and exceptional items. Ocado said there was no change to the financial guidance given at its full-year results in February. In the first half Technology Solutions was EBITDA positive, Logistics was flat and Ocado Retail made a small loss. The group maintained its guidance for Technology Solutions to deliver "positive" EBITDA over the full 2022-23 year, with Ocado Retail making "marginally positive" EBITDA, and Logistics making "stable" EBITDA.

Persons: Tim Steiner, Ocado, Spencer, James Davey, Kate Holton, Jason Neely Organizations: Times, Amazon, Ocado, Marks, Logistics, Technology Solutions, Kroger, Casino, Thomson Locations: U.S, United States, Japan, France

☆ Ocado hits five-month high after return to profit, keeping guidance
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +2 min

Ocado shares surged on Tuesday after the British online supermarket and technology group kept its financial guidance for the year as it reported a return to underlying profit in its first half. Shares surged 15.3% to their highest since February, beating the four-month peak set in June after a report of possible takeover interest from Amazon boosted the company's stock. Its Technology Solutions revenue jumped 59%. Ocado said there was no change to the financial guidance given at its full-year results in February. Ocado shares surged 32% on June 22 after The Times newspaper reported speculation of possible bid interest in the online supermarket from more than one U.S. suitor including tech heavyweight Amazon.

Persons: Chris Beauchamp, Ocado, I've, Tim Steiner Organizations: Technology Solutions, IG Group, Tech Solutions, Ocado, Marks, Logistics, Kroger, Casino, Jefferies, U.S, The Times Locations: United States, Japan, France, U.S

☆ Ocado jumps on return to first-half underlying profit
▼ + stars: | 2023-07-18 | by ( James Davey | ) www.reuters.com time to read: +3 min

The group swung to a profit for the six months to May 28, posting core earnings (EBITDA) of 16.6 million pounds ($21.7 million), ahead of a consensus forecast for a loss of 16 million pounds, and reversing a loss of 13.6 million pounds in the year-earlier period. Ocado (OCDO.L) said its Technology Solutions division made a profit for the first time, while its Ocado Retail business, the online supermarket joint venture it operates with Marks & Spencer (MKS.L), returned to profit in the second quarter. Shore Capital analyst Clive Black, a long term Ocado sceptic, focused on Ocado's losses at the pretax level, which widened to 289.5 million pounds. It maintained its guidance for Technology Solutions to deliver "positive" EBITDA over the full 2022-23 year, with Ocado Retail making "marginally positive" EBITDA, and its UK Logistics unit making "stable" EBITDA. The group's shares soared much as 47% on June 22 after the Times newspaper reported possible takeover interest from more than one U.S. suitor including Amazon (AMZN.O).

Persons: Spencer, Jefferies, Goldman Sachs, Tim Steiner, Ocado, Clive Black, Steiner, James Davey, Kate Holton, Jason Neely, Mike Harrison Organizations: Technology Solutions, Marks, Kroger, Casino, Shore Capital, Ocado, UK Logistics, Times, Thomson Locations: Ocado, United States, Japan, France, U.S

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