Ocado, the online supermarket and technology company, reported a 13.9 percent fall in first-half core earnings on Tuesday, reflecting a step-up in investment in the business.
It said it expected earning trends to improve in the second half of the year however and it also maintained its forecast for retail revenue growth of 10-15 percent for the full 2018 year, assuming economic conditions remain broadly stable.
The group, whose share price has soared 256 percent over the last year on the back of four major overseas partnership deals, made earnings before interest, tax, depreciation and amortisation (EBITDA) of 38.9 million pounds ($51.5 million) in the 26 weeks to June 3.
Ocado had warned in February that investment in its UK distribution centres and software platform would put a brake on earnings this year. It said capital expenditure would be 210 million pounds in 2018, up from 160 million pounds in 2017.
The firm struck its biggest deal so far, with U.S. supermarket chain Kroger, in May. That followed deals with Sweden's ICA Group, Canada's Sobeys and France's Casino.