Ocado Group plc (LON: OCDO) said on Tuesday that its full-year core earnings came in 69% higher than last year due to the ongoing Coronavirus pandemic that fuelled demand for home delivery.
Ocado shares, that you can learn to buy online here, slid a little under 5% in premarket trading on Monday but regained almost half of the intraday loss on market open. Ocado Group performed largely upbeat in the stock market last year with an annual gain of more than 75%. At the time of writing, it is valued at £19.84 billion.
Ocado’s retail revenue jumps 35% on an annualised basis
For the year that concluded in November 2020, Ocado reported £73.1 million of EBITDA versus a significantly lower £43.3 million in the previous financial year. The company had expected at least £70 million of core earnings in the recent year. Ocado also said on Tuesday that sales tax on Britain’s online retailers is not appropriate.
At £2.33 billion, the online grocer’s revenue climbed by 32.7%. Its retail business, in collaboration with Marks & Spencer, saw a 35% annualised growth in revenue to £2.19 billion. As per Ocado, the length of government-imposed restrictions to combat the ongoing health emergency will determine the growth in its retail business revenue in fiscal 2021.
In comparison, Ocado’s retail revenue had jumped to £579.6 million in the fiscal fourth quarter. The COVID-19 crisis has so far infected more than £3.9 million people in the United Kingdom and caused over 112 thousand deaths.
Chief Executive Tim Steiner’s comments on Tuesday
CEO Tim Steiner of Ocado Group said on Tuesday:
“We also look forward to welcoming shortly both a new
