Ocado Group has reported a sharp increase in profitability for the 52 weeks ended 30 November 2025, with group revenue rising 12.1% to £1.36 billion and adjusted EBITDA climbing 59% to £178 million.

Notably, the online grocer and technology business said it expects to turn cash flow positive during the second half of the current financial year, with full-year positive cash flow anticipated in FY27.

However, long-suffering Ocado investors weren’t overly enthused by the results, presumably because the profit was achieved through accounting for a corporate restructuring rather than underlying earnings.

Shares were down 4% at the open on Thursday.

There were, however, some reasons to be cheerful. Technology Solutions saw revenue grow 13.0%, and EBITDA margins expanded from 16.2% to 25.0%, delivering £140 million in EBITDA against £81 million the prior year. Ocado Logistics contributed £38 million in EBITDA, up from £31 million, on revenue growth of 11.5%.

Ocado Retail saw revenue rise 15.4% with EBITDA increasing to £84 million, nearly doubling from £45 million. Orders grew 13.1%, with total CFC costs including labour sitting at 6% of sales, and units per hour efficiency up 8%.

Ocado has long promised a profit, which they have now achieved. But the swing to a profit was due not to improving operational performance, but the revaluation of Ocado Retail.

On a statutory basis, the group reported a profit of £395 million compared to a loss of £374 million a year earlier, though this included a £783 million gain on the valuation of its 50% stake in Ocado Retail following the deconsolidation.

The underlying cash outflow was £213 million, slightly wider than £199 million, as higher EBITDA was offset by increased finance costs.

Operational progress

The group shipped 72 million orders worldwide during the year, with international weekly CFC volumes growing 26%. Average live modules rose 4% to 121, though year-end modules dipped to 122 from 123 after Morrisons stopped deliveries from the Erith CFC, removing five modules. Four new modules were added across sites in the US, UK and Poland.

Ocado’s Re:Imagined robotic picking system has now been rolled out across 10 CFCs, with the most advanced site picking roughly 50% of volumes robotically. A new three-module CFC in Warsaw was built and opened in just 12 months using the group’s optimised site design.

But all in all, it was a year of little progress for the group, which was dealt blows by key CFC partners.

The group faced setbacks to its partnerships with Kroger and Sobeys in North America, closing four sites and consolidating to a combined base of seven live CFCs. Ocado has several CFCs in the pipeline globally to help this area of the business get back on track.

Six new CFCs are due to go live over the next two to three years, including sites in Busan, Tokyo, Phoenix, Barcelona and Seoul. The group expects around 10 new modules in FY26 and 10–15 in FY27, offsetting 12 modules lost from the Kroger and Sobeys closures in early 2026.

For FY26, Ocado is guiding for Technology Solutions revenue of approximately £500 million with an EBITDA margin of around 30%, excluding CFC closure fees. Ocado Logistics is expected to deliver high mid-single digit percentage revenue growth with EBITDA of £30–35 million.

Nvidia has smashed Q4 earnings estimates and wowed markets with bumper Q1 2026 guidance that will go a long way to increasing confidence in the longevity of the AI trade.

There was a lot hinging on Nvidia’s earnings. A soft set of results could have unleashed a wave of volatility through equity markets as investors fretted that the AI boom was showing signs of wavering. 

But that wasn’t the case. Nvidia revenue came in at $68bn, much higher than the $66bn expected by analysts. Even more encouragingly, the chipmaker issued guidance of $78bn for Q1 2026, well above estimates of $73bn. 

What makes this all the more eye-catching is that the guidance doesn’t include any revenue from China. 

Although relations between the US and China have improved, Nvidia is yet to earn any revenue by selling H200 chips to China. This could all change with the US granting a licence to ship to select customers.

Nvidia Data Centre revenue was 75% higher than a year ago and up 22% on Q3. Anyone concerned about a potential slowdown in AI should be reassured by these numbers. 

Matt Britzman, senior equity analyst, Hargreaves Lansdown, said: “Nvidia has delivered a monster quarter, and if 73% revenue growth wasn’t enough, guidance points to yet another acceleration in the coming quarter to 77% at the midpoint.

“Expectations for revenues in 2026 and 2027 are clearly too low, and we expect to see a slew of analyst upgrades in the coming weeks on the back of these numbers. The bar was high heading into results, but Nvidia continues to demonstrate why it’s the top dog.

“Questions will still linger over whether the current AI spending wave can sustain growth beyond the next few years, and whether Nvidia will remain as dominant as AI shifts from training models to running everyday tasks. That uncertainty likely helps explain why the shares trade at only a modest premium to the wider market on a forward price‑to‑earnings basis, despite rocket ship financials.”

The FTSE 100 surged on Wednesday, scaling fresh record highs, as rising metals prices and strong corporate results propelled the index higher.

Strong results from HSBC played a leading role, pushing the index to 10,788 before fading back to 10,781 as of the time of writing.

“The FTSE 100 resumed its upward charge after well-received results from HSBC reenergised the market,” says Russ Mould, investment director at AJ Bell.

“The UK index hit a new intraday high of 10,778 in early trading as HSBC did some heavy lifting alongside Shell, and RELX extended yesterday’s recovery rally after a nasty AI-related sell-off last month.

“The strong showing from the UK stock market so far in 2026, on top of a major success in 2025, bodes well for changing its reputation from unloved to admired.”

HSBC shares shot up by 5.7% Wednesday, after the banking giant posted upbeat earnings driven by broad-based growth after the impact of restructuring costs.

“HSBC’s results this morning told a familiar, reassuring story for Asian bank investors: the engine is still humming and management confidence is quietly building,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“This morning’s 9% profit beat was driven by core banking momentum rather than one-offs, while guidance struck a notably more upbeat tone, pointing to stronger earnings power and returns as we move into 2026.”

However, it wasn’t all good news on the corporate update front. Diageo investors are struggling to catch a break at the moment, and the latest set of interim results has done nothing but rub salt in the wound. 

The dividend was slashed in half after the firm reported another period of net sales declines caused by poor performance in the US and China. 

Adam Vettese, market analyst for eToro, said: “Diageo’s interim results make for grim reading, with a halved dividend and slashed full-year guidance underscoring deep US weakness and China headwinds.”

“Organic sales forecasts now point to a 2-3% decline, while operating profit growth stalls at flat to low-single digits, hammered by softer spirits demand and tariffs.”

Haleon shares fell 3% after missing estimates. The drop was probably more to do with the strong run going into the results as opposed to any major disappointment.

Fresnillo was the top riser at the time of writing, as precious metals prices rose.

Swedish growth investor Verdane has agreed a recommended cash deal to take Augmentum Fintech private at 111p per share, valuing the London-listed fintech fund at approximately £185.7 million.

Augmentum Fintech has several leading UK Fintechs in its portfolio, including Tide, Zopa, and Iwoca, but the vehicle has struggled to narrow the deep discount to the portfolio valuation.

The favoured solution to this, as announced today, is to take it private.

The offer represents a 27% premium to Augmentum’s closing price of 87.4p on 24 February and a 29.6% premium to the three-month weighted average.

Augmentum’s board has unanimously backed the deal, advised by Cavendish, which considers the terms fair and reasonable.

The acquisition is being made through Frontier Bidco, a newly formed vehicle controlled by Verdane through its Freya XII fund.

“Since our IPO in 2018, Augmentum has been at the heart of the UK and European fintech sectors, backing high-growth companies such as Tide, Zopa, Iwoca, Cushon and Interactive Investor,” said William Reeve, Chairman of Augmentum.

“However, we recognise that for our shareholders, this portfolio’s potential has not been reflected in Augmentum’s market valuation.

Over several years, we have faced a persistent and widening discount to Net Asset Value, compounded by low levels of liquidity. This has made it difficult for shareholders to realise the true value of their holdings or for Augmentum to raise the capital necessary to support our ambitions.

To address this, the Augmentum Board has run a process to consider a range of strategic options. We are now recommending the Verdane offer, the best we received. This offer provides an immediate solution: it offers full liquidity at a 27.0% premium to the prevailing share price as at the Latest Practicable Date.

EQTEC PLC has confirmed significant copper and gold potential at its Green Rock Project in Western Australia’s Ashburton Basin, following a comprehensive review of historical exploration data.

The review identified high-grade surface mineralisation with historical grades reaching up to 46.7% copper and 5.31 g/t gold, associated with major structural features and dyke margins across the 31.5 km² exploration licence.

Multiple prospects have been flagged across the site, with geological interpretation pointing to several possible mineralisation styles — yet remarkably, no modern drilling has ever been carried out.

The project sits roughly 160 km west of Paraburdoo and 35 km southwest of the Paulsens Gold Mine, placing it within a proven mineral district with established infrastructure access.

“Our detailed review of the historic data has reinforced both the quality of historic work, and the high tenor of copper and gold mineralisation observed to date.  We are also delighted the mineralisation appears to be structurally controlled and both the copper and gold anomalies are overlapping spatially,” said James Parsons, CEO of EQTEC.

EQTEC’s geological consultants are expected to mobilise to site in the coming weeks, once the summer wet season ends, for what will be the first systematic modern exploration programme at Green Rock.

Fieldwork will focus on validating outcropping mineralisation on the ground, assessing geophysical techniques suited to the malachite-hosted copper-gold systems present, and building broader structural models to explain how mineralisation is distributed across the licence area.

EQTEC had previously been a waste-to-energy specialist and has undertaken a major pivot to gold mining.