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Ocado Group profit misses consensus by 43.9% in fiscal H1

Ocado Group PLC said its normalized net income for the fiscal first half ended May 17 amounted to £4.5 million, a decrease from £4.7 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue climbed 18.2% year over year to £507.7 million from £429.7 million, and total operating expenses rose 18.4% from the prior-year period to £497.1 million from £419.9 million.

Reported net income fell year over year to £7.2 million, or 1 pence per share, from £7.4 million, or 1 pence per share.