Britain's Ocado says priority is to turn cash flow positive in 2025/26
The group runs an online supermarket through a joint venture with Marks & Spencer, though its value is mainly driven by the sale of its cutting-edge robotic warehouse technology to retailers around the world.
It said on Thursday its core priority was to turn cash flow positive during its 2025/26 year - which starts in December - by reducing its costs, and be full year cash positive in the following year.
Shares in Ocado have fallen 35 per cent over the last year, reflecting market anxiety at the pace of new site openings for its existing grocery retail partners and a lack of technology deals with new partners.
The group said it made adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), its preferred measure, of 91.8 million pounds ($122.9 million) in the first half of its 2024/25 year, up from 52.0 million in the previous corresponding period. Revenue rose 13.2 per cent to 674 million pounds.
Ocado said its expectations for the full year were unchanged.
($1 = 0.7468 pounds)
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