Ocado boss Tim Steiner refuses to comment on M&S tie-up reports
Ocado chief executive Tim Steiner today refused to be drawn on reports of a potential tie-up with Marks & Spencer after reporting a revenue boost in the firm’s full-year results.
“We’re in the business of talking to retailers; we’re constantly talking to different retailers all around the world about opportunities we may have with them,” Steiner said.
Read more: Ocado’s revenue nears £1.6bn but losses widen
But the chief executive declined to comment on whether the firm is in talks with M&S. “We do expect to do more deals but we’re not saying more than that,” he added.
The comments, which came after a presentation of Ocado’s full-year results, follow reports of a possible deal between the two companies that would see the tech supermarket deliver M&S food to customers.
Steiner said the firm does not feel an “urgent rush” to sign a new deal as it focuses on increasing revenues this year following the opening of its fifth distribution centre.
The grocery boss also declined to comment on whether it will renew its contract with Waitrose, which is due to run out in September next year.
Edison analyst Paul Hickman said: “The fact that an M&S deal isn’t announced with Ocado’s results doesn’t mean that it isn’t happening.
“Management says it is ‘continuing to engage’ with multiple retailers in a variety of markets with a view to adding more partnerships to its platform, which could well include M&S.”
Read more: Ocado investors set to quiz boss over M&S delivery deal
The online food retailer reported a 13 per cent rise in revenue to nearly £1.6bn, but saw its losses widen to £45m amid heavy investment.
Shares in Ocado rose almost two per cent this morning following the results.