FILE PHOTO: Part of the Ocado CFC (Customer Fulfilment Centre) is seen in Andover, Britain May 1, 2018. Picture taken May 1, 2018. REUTERS/Peter Nicholls/File Photo
LONDON (Reuters) – British online supermarket and technology group Ocado reported ballooning annual pretax losses and a 27% fall in core earnings, mainly due to a fire which destroyed a hi-tech flagship warehouse in Andover, southern England.
Ocado, whose shares have risen 35% over the last year due to overseas technology deals, said on Tuesday its loss before tax widened to 214.5 million pounds ($276.8 million) in the year to Dec. 1 2019 versus 44.4 million pounds in 2017-18.
The loss reflected exceptional charges of 94.1 million pounds relating to the write-down of the Andover site.
Ocado made earnings before interest, tax, depreciation and amortization (EBITDA) of 43.3 million pounds ($55.9 million), versus a re-stated 59.5 million pounds for 2017-18.
That outcome, which also reflected accounting changes and the…
Source Reuters Tech News
Source link
