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Online grocer on target for profit

ONLINE grocer Ocado is on course for the first annual profit in its 12 year history after results showed a big swing in its half-year performance.

The company, which recently entered into a joint venture with Morrisons to run the supermarket's online operation, made a profit of £7.5 million in the six months to May 18, against a £3.8 million loss a year ago. It also now has a third distribution depot.

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