Dow Jones Newswires: Ocado Group 2019 pretax loss widens despite growing revenue

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Ocado Group PLC reported Tuesday a widened pretax loss for fiscal 2019, missing market expectations.

The online grocer OCDO, -1.02%  booked a pretax loss of 214.5 million pounds ($276.9 million) for the year ended Dec. 1, 2019, compared with a loss of GBP44.4 million in fiscal 2018. Revenue rose to GBP1.76 billion, from GBP1.60 in fiscal 2018.

Earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics which strips out exceptional and other one-off items–was GBP49.3 million, 27% lower than the previous year, reflecting issues such as the fire occurred in the company’s Andover site.

Ocado said that in fiscal 2020 it expects a revenue growth between 10% and 15%.

Chief Executive Tim Steiner expressed satisfaction over the underlying performance of the group, despite the statutory results, and said that the company is expected to continue growing this year.

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