Ocado hits five-month high after return to profit, keeping guidance

A delivery van from Ocado, a grocery company, is being driven along a road in the city of London.

Ocado saw a significant increase in its stock value on Tuesday as it maintained its financial forecast for the year. The company also announced a positive comeback in its underlying earnings during the first six months.

The stocks of the British online supermarket and technology group experienced a significant increase of 11%, reaching their highest level since February. This surpasses the previous peak set in June, following a report suggesting that Amazon might be interested in acquiring the company, which had a positive impact on its stock value.

During the six-month period ending on May 28th, the team achieved a profit of 16.6 million pounds ($21.7 million) before deducting interest, tax, depreciation, and amortization expenses. This is in contrast to a loss of 13.6 million pounds reported during the same period last year.

Ocado mentioned that there have been no modifications to the financial advice provided during its annual outcomes in February.

Written by Joice Alves; Revised by Amanda Cooper.