Ocado Group Plc raised its profit forecast as the pandemic boosts demand for online groceries, and agreed to buy two robotics companies for about $287 million.
The company said it expects full-year earnings to exceed 60 million pounds ($77 million) before interest, taxes, depreciation and amortization. The previous target was for Ebitda of more than 40 million pounds. The stock rose as much as 8.1% in London Monday morning.
Ocado said its joint venture with Marks & Spencer Group Plc has had strong sales, and the company said it’s buying Kindred Systems Inc. for $262 million and Haddington Dynamics Inc. for $25 million to add more robotics technology for its warehouses.
