Ocado revs up in wake of bumper US agreement
Online grocer Ocado is set to brush off a dip in half-year earnings this week as it continues to bask in the success of recent high-profile international deals.
The group was catapulted into the FTSE 100 last month after seeing its share price rocket more than 260 per cent over the past year following a string of deals – most recently signing up US giant Kroger in May.
It has struck similar agreements in Europe and beyond, and is developing customer fulfilment centres with retailers in France, Canada and Sweden.
The figures are set to show the impact of a snow-hit first quarter, when sales grew by 11.7 per cent, down from 11.6 per cent in the previous three months.
Numis Securities analyst Andrew Wade said he is expecting underlying halfyear earnings of £43.5 million, down from £45m a year earlier. But he said the focus will remain on its deal with Kroger and future opportunities.