StockMarketWire.com - Online grocery retailer Ocado booked a deeper first-half loss, partly owing to costs associated with a fire at its Andover distribution centre in the UK.

Pre-tax losses for the six months through 2 June amounted to £142.8m, compared to losses of £13.6m on-year.

Revenue rose 10.9% to £882.3m.

Ocado is expecting to receive an upfront cash payment of £562.5m from Marks & Spencer in August related to their previously-announced retail joint venture deal.

'In the last six months the centre of gravity at Ocado has shifted,' chief executive Tim Steiner said.

'Our exciting new joint venture with M&S creates further growth opportunities for both parties in the UK and allows Ocado to increase focus on growing our Ocado solutions business and innovating for our partners.'

'At the same time we are beginning to apply our technology skills and expertise to other related activities which we expect to be of benefit to our solutions partners as well as to other Ocado stakeholders.'



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