Half-year results from online retailer Ocado come after the group's recent coup in securing a 25-year, £170 million deal with Morrisons to enable the supermarket to sell food on the web.
The move angered its largest supplier and rival Waitrose, which has since appointed lawyers to study the agreement between Morrisons and Ocado. But it was applauded by investors, sending shares rocketing to an all-time high of 351p in May and defying doubters of the group.
Ocado, which employs around 6,000 people, also said in May it had seen a strong start to the year, setting the scene for a decent set of interim results. Underlying earnings are expected to rise by a fifth to £18.1m in the first half, thanks to a forecast rise in net revenues to £355.8m.
The group is predicted to sink into the red on a pre-tax basis, with £2.4m of losses after notching up £400,000 in underlying profits a year earlier.
