Ocado Group
Sales £512m PBT £7.2m
All things are relative. Ocado may have beaten some forecasts for the half-year to the end of May, but we are still talking about a company that made a £7.2 million pre-tax profit, little changed on last time, but can expect revenues of more than £1 billion by the end of this financial year.
Barely profitable, then, and with the shares, up 16p at 446p, selling on an earnings multiple of above 200 for the current year. This was always Ocado’s problem. Its supporters say it is a potential world-beater, akin to Amazon, which can sell the technology developed by selling groceries online for itself, Waitrose and Wm Morrison to other retailers worldwide.
The rest of us scratch our