After a strong trading, Ocado (LON:OCDO) hiked profit forecasts.
Online grocery stores said Monday that while many other retailers are struggling amid the pandemic, online grocery stores remain in business.
“Ocado continues to see high demand as consumers move to record numbers of online groceries. Growth reflects quarterly seasonality, but sales are in line with trends reported in the third quarter,” the group said.
“As a result of this strong performance, Ocado Group today announced that the group is expected to have a one-year EBITDA of over £60 million compared to guidance of over £40 million,” he added.
The company has also announced plans to purchase robotics specialists Kindred Systems and Haddington Dynamics for $262 million and $25 million, respectively.
“Given market opportunities, we want to accelerate the development of our systems, including improvements in speed, accuracy, product range and economics,” said Timsteiner’s chief executive.
“We are delighted to welcome Kindred Systems and Haddington Dynamics to the Ocado group. We believe we have the ability to accelerate delivery, innovate and grow faster. We are also excited about the opportunity to enter a new market for robotics solutions outside the food product and logistics sector, as demonstrated by the robust growth of GANTRED Systems. Existing customers like GAP and American Eagle have come to the general product and logistics sector.”
OCADO Stock (LON:OCDO) jumped from 9% to 2,479p on Monday. Currently trading 8.86% higher at 2.477,74 (0957GMT).
