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LONDON, Feb 8 (Reuters) - Ocado Group, the British
online supermarket and technology firm, on Tuesday reported a
12.1% fall in annual core earnings, with investment in the
business more than offsetting an increase in revenue.
The group's earnings before interest, tax, depreciation and
amortisation (EBITDA) were 61.0 million pounds ($82.5 million)
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.
Its pretax loss widened to 176.9 million pounds from 52.3
million pounds.
Revenue rose 7.2% to 2.5 billion pounds, while capital
expenditure increased 154.8 million pounds to 680.4 million
pounds reflecting increased investment in the roll-out of
automated warehouses in the UK and overseas, along with
investment in technology development and platforms.
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 in the United States, Aeon in
Japan, Casino in France and Coles in
Australia.
It forecast the Ocado Retail business, a joint venture
between Ocado Group and Marks & Spencer, would return to
"mid-teens" revenue growth in 2022, fee growth of over 30% in
its UK technology business, with fee revenue to more than double
in its international technology business.
Ocado also forecast a 50% increase in EBITDA in the UK
technology business, with EBITDA in the international technology
business flat.
Prior to Tuesday's update analysts' average forecast for
Ocado Group EBITDA in 2022 was 92 million pounds.
Shares in Ocado are down 50% over the last year, partly
reflecting investor concern over ongoing two-way litigation on
patents with Norwegian rival AutoStore.
($1 = 0.7393 pounds)
(Reporting by James Davey; Editing by Kate Holton)
