Ocado confident of closing first deal with international retailer
OCADO said yesterday it was confident of signing its first deal with an international retailer this year, after delivering better-than-expected first half sales.
The online grocer’s shares rose more than 15 per cent in June on hopes that it would announce a deal alongside its results.
They fell in early morning trading as a deal evaded hopeful investors, before closing flat at 430.30p.
Chief executive Tim Steiner said it is in talks with several retailers and some “at a very detailed level”.
Despite intense price competition in the UK’s supermarket sector, Ocado enjoyed a 15.7 per cent rise in gross retail sales to £511.9m in the 24 weeks ended 17 May.
Core earnings rose 11.4 per cent to £38.2m – ahead of forecasts.