RE: Upgrading guidance19 Sep 2024 09:01
"Ocado Retail is starting to deliver, after a bumpy period for the company"
says John Moore, Senior Investment Manager at RBC Brewin Dolphin:
'Ocado Retail is starting to deliver, after a bumpy period for the company. Strong revenue, volume, and customer growth suggest the joint venture’s strategy is yielding results, and Ocado Retail’s guidance has been upped accordingly.
'For the wider Ocado Group, this should represent another step on the path towards £3 billion in sales, growing EBITDA, and self-sustaining growth without having to borrow more or raise equity. The last nine months have been challenging for the company, with the shares down more than 50% in the year to date and nearly 75% on five years ago. For that to reverse, the company’s growth will need to translate into profitability.'