Ocado (OCDO) wonderful offering but questionable business model,are things about to change?
Half year results today showed online sales revenue up 18.2% to £507.7m, the much quoted EBITDA up 11.4% to £38.2m but statutory pre-tax profit a modest £7.2m, which compares to £7.5m in the prior year. Morrison’s recharges and fees contributed £32.4m to overall gross profit of £179.8m (2104: £16.9m on £140.5m).
As usual there was a lot positive comment from Chief Executive Tin Steiner and it’s hard to disagree that Ocado does indeed deliver…
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