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Ocado upgrades guidance by 50 percent due to M&S boost

Ocado (LON: OCDO) has upgraded its full year guidance as it now expects full year EBITDA to increase by 50%.

The online retailer is expecting full year EBITDA to come in at over £60m versus previous guidance of more than £40m.

In a statement today which outlined its upgrade outlook to 2019/2020 full year expectations, OCDO noted that it continues to see high demand as a consumer ‘migrate to online grocery in record numbers’.

It also referred to Marks and Spencer’s a number of times which it highlighted is due to report interim results on 4 November.

The share price of OCDO is currently at 2450p following an early morning surge of nearly 8 percent.

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