BREAKING NEWS

BREAKING NEWS

Ocado full-year earnings held back by investment

Ocado full-year earnings held back by investment
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Peter Nicholls(Reuters)
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LONDON (Reuters) - British online supermarket and technology group Ocado reported a 21 percent fall in full-year core earnings, held back by investment and adoption of new accounting standards and said short term profits would be hit as it seeks more partnership deals.

The firm, whose shares have nearly doubled over the last year thanks to four major overseas partnership deals, said on Tuesday it made earnings before interest, tax, depreciation and amortisation (EBITDA) of 59.5 million pounds ($77.6 million) for the 2017-18 year, down from 75.0 million pounds in 2016-17.

"We continue to target further solutions deals, which would generate additional cash fees but would impact short term profits," Ocado said.

(Reporting by James Davey; editing by Kate Holton)

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