Feb 9, 2021

Ocado to invest £700m in new projects as earnings jump by two-thirds

Ocado said it would pour £700m into new projects for its technology clients in 2021 and warned that it expected to incur "Significantly higher" legal costs amid a patent row with rival AutoStore. Two more warehouses for third-party clients will open in the first half of this year. Full-year group earnings before interest, tax, depreciation and amortisation were £73m, up from £43m a year earlier but £10m below an average of analyst forecasts compiled by the company, partly due to heavy investment. Group sales rose by a third to £2.3bn. Underlying profit at Ocado Retail, its ecommerce joint venture with Marks and Spencer, was well ahead of forecast at £148m against £40m a year earlier, as customers turned in large numbers to shopping online for their groceries during the Covid-19 pandemic. Get alerts on Ocado Group PLC when a new story is published.

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