Firsthalf underlying profit 16.6 mln stg
Losses at pretax level widen to 289.5 mln stg
Shares up 14.6
Shares surged last month on takeover speculation

LONDON, July 18 Reuters Ocado, the British online supermarket and technology group, returned to underlying profit in its first half and stuck to its annual guidance, helped by demand for its retail services and robotics, sending its shares soaring on Tuesday.

The group swung to a profit for the six months to the end of May, posting core earnings EBITDA of 16.6 million pounds 21.72 million, ahead of a consensus forecast for a loss of 16 million pounds, and reversing a loss of 13.6 million pounds in the yearearlier period.

Ocado also said its Ocado Retail business, the online supermarket joint venture it operates with Marks Spencer, returned to profitability in the second quarter.

Shares in Ocado jumped 14.6 in early trading after what Jefferies analysts called a solid performance.

There is clear upwards pressure on fullyear 2023 consensus expectations, they said.

Ocado39;s cutting edge robotic warehouse technology has helped it bank multiple international clients, including retailers such as Kroger in the United States, Aeon in Japan and Casino in France, but it has so far struggled to be consistently profitable.

The group said there was no change to the financial guidance given at its fullyear results in February.

It maintained its guidance for Technology Solutions to deliver positive EBITDA over the full…