Ocado Group PLC (LSE:OCDO) (Ocado Group PLC (LSE:OCDO)) was reiterated as a 'buy' by Deutsche Bank after its full-year results yesterday
Group revenue at the tech and delivery group of £1.54bn was ahead of the bank’s forecast of £1.48bn “with a marked improvement in adjusted EBITDA to £71.2m (H1’23: 16.6m)”.
All three divisions were profitable and posted significant improvements year on year, added the bank.
“Divisionally, Ocado Retail revenues grew 11.3%, maintaining the momentum of Q4’23 and Q1’24 where revenues were both up just over 10%; Ocado Logistics revenue grew 6% with adj. EBITDA of £17m, in line with expectations.
“Tech Solutions revenue grew 22% to £241m, tracking slightly ahead of FY guidance of 15-20% revenue year-on-year. “
Deutsche Bank is a standout among its peers for its bullishness over prospects for the group and kept its 660p share price target and ‘buy’ rating.
Shares eased to 351p today after a strong rise Tuesday on the numbers.