July 10, 2018 / 6:15 AM / a month ago

Ocado's first-half earnings hurt by investment

LONDON, July 10 (Reuters) - Ocado, the online supermarket and technology company, reported a 13.9 percent fall in first-half core earnings on Tuesday, reflecting increased investment in the business.

The group, whose share price has soared over the last year on the back of four major overseas partnership deals, made earnings before interest, tax, depreciation and amortisation (EBITDA) of 38.9 million pounds ($51.5 million) in the 26 weeks to June 3, down from 45.2 million pounds in the same period last year.

Ocado had warned in February that investment in its UK distribution centres and software platform would put a brake on earnings this year. It said capital expenditure would be 210 million pounds in 2018, up from 160 in 2017. ($1 = 0.7557 pounds) (Reporting by James Davey; editing by Kate Holton)

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