Ocado Group PLC

Latest Results (20.08.2024):

Revenue Growth

Ocado Group PLC reported a significant increase in group revenue for the first half of 2024, reaching £1.5 billion, which represents a 12.6% growth compared to the same period in the previous year. This growth was driven by a 22% increase in Technology Solutions, a 6% rise in Ocado Logistics, and an 11% boost in Ocado Retail.

Adjusted EBITDA

The group's adjusted EBITDA for the first half of 2024 was £71.2 million, a substantial improvement from £16.6 million in the first half of 2023. This increase was primarily due to higher contributions from Technology Solutions, which saw its EBITDA rise to £35.0 million, and Ocado Retail, which reported an EBITDA of £20.7 million.

Loss Before Tax

Ocado Group PLC reported a loss before tax of £154 million for the first half of 2024, an improvement from the £290 million loss reported in the same period of the previous year. This reduction in loss was achieved despite net adjusting items of £7.3 million, compared to £77.2 million in the first half of 2023.

Cash Flow Improvement

The underlying cash outflow for Ocado Group PLC in the first half of 2024 was £197 million, showing a £101 million improvement compared to the first half of 2023. This improvement was driven by higher revenues, increasing EBITDA margins, lower capital expenditures, and effective cost control measures.

Future Outlook

Ocado Group PLC has raised its guidance for the full year 2024, expecting an improvement in underlying cash flow by £150 million, up from the previously anticipated £100 million. The company also projects that its Technology Solutions division will achieve a mid-teens EBITDA margin, an increase from the previous guidance of greater than 10%.