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The online grocer has yet to post an annual profit but has stated it expects to record one this year. In February, the firm posted a full-year loss of £12.5 million, compared with a loss of £0.6 million in 2012; the widening of the loss was blamed on expansion costs. However, it has already booked in a £9 million return from its joint venture with Morrisons.
The company is only 14 years old and is still finding its feet. Its second distribution centre was opened in Warwickshire last year, and the firm’s online pet store will be fully rolled out this year.
The stock hit an all-time high of 623 in February but has dropped 42% to 361 as traders become increasingly restless because the firm is yet to turn a profit. The stock is receiving support at the 50-day moving average of 346, and if the company shows signs of profitability it could target 434.