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Ocado's core earnings weighed down by tech investment

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Ocado Group , the British online supermarket and technology firm, reported a 12.1% fall in annual core earnings on Tuesday, with investment in the business more than offsetting an increase in revenue.

LONDON, Feb 8 - Ocado Group

, the British online supermarket and technology firm, reported a 12.1% fall in annual core earnings on Tuesday, with investment in the business more than offsetting an increase in revenue. The group's earnings before interest, tax, depreciation and amortisation came in at 61.0 million pounds in the year to Nov. 28 2021 - in line with analysts' average forecast of 60 million pounds but down from 73.1 million pounds in the 2019-20 year.Register now for FREE unlimited access to Reuters.comRevenue rose 7.2% to 2.5 billion pounds, while capital expenditure increased 154.8 million pounds to 680.

Ocado forecast capital expenditure would rise to around 800 million pounds in 2022, driven by the worldwide roll-out of its platform. The group has already struck partnership deals to provide its technology to supermarket groups in eight countries, including Kroger

 

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