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Ocado FY20 Loss Narrows, EBITDA Climbs On Strong Retail Revenues

British online supermarket Ocado Group (OCDO.L) reported Tuesday that its fiscal 2020 loss before tax was 44 million pounds, narrower than last year's loss of 214.5 million pounds.

Group EBITDA climbed 68.8 percent to 73.1 million pounds from 43.3 million pounds a year ago, reflecting the strong revenue growth and operational gearing at Ocado Retail offset by a negative contribution from International Solutions.

Retail EBITDA soared 265.8 percent from last year to 148.5 million pounds.

Revenue increased 32.7 percent to 2.33 billion pounds from last year's 1.76 billion pounds, reflecting an acceleration in demand in UK online grocery in response to Covid-19.

Retail revenue climbed 35.3 percent from last year to 2.19 billion pounds.

Looking ahead, the company said its retail revenue growth is highly dependent on length of Covid-19 restrictions. New capacity ramp up over the course of the year from 3 new UK CFCs, two of which are expected to open in the fourth quarter.

The company said Covid-19 will continue to have a significant impact on Group EBITDA performance.

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