July 5, 2017 / 6:30 AM / 5 months ago

Ocado's international deal "first of many"

LONDON, July 5 (Reuters) - British online retailer Ocado said on Wednesday it expected the international deal it secured last month to be the first of many as it reported a 2.7 percent rise in first-half core earnings.

Ocado clinched the long-awaited first overseas deal with an as yet unnamed European retailer and shortly after raised about 350 million pounds ($452 million) from issuing bonds and changing its banking facilities.

“Grocery retailing is changing and we are ideally positioned to enable other retailers to achieve their online aspirations,” said Chief Executive Tim Steiner.

“We expect our recently announced international partnership to be the first of many.”

Ocado made earnings before interest, tax, depreciation and amortisation (EBITDA) of 45.2 million pounds in the 26 weeks to May 28. That compared to analysts’ average forecast of 44.8 million pounds.

Retail revenue increased 12.5 percent to 659.6 million pounds.

Ocado published results for the first 22 weeks of the period last month. (Reporting by James Davey, Editing by Paul Sandle)

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