Ocado delivers Christmas cheer January 16, 2014 OCADO said its online grocery service for Morrisons launched “on time and on budget” last week as it reported bumper Christmas sales. Sales rose 21.3 per cent to £111.1m for the six weeks to 5 January as it benefited from extra capacity at its new fulfillment centre in Warwickshire. Ocado boss Tim Steiner said the [...]
Ocado eyes locations for third warehouse January 19, 2014 ONLINE grocer Ocado is understood to be searching for a third giant warehouse to increase its capacity for grocery deliveries. Morrisons bought the rights to half of its capacity at its Dordon fulfilment centre as part of the £216m tie-up last year. Ocado has suggested since that as a result it may have to look [...]
FTSE tumbles on Tesco share price turmoil as banks take a hit – London Report December 9, 2014 Britain’s main equity index yesterday fell to one-month lows, hit by supermarket retailer Tesco’s fourth profit warning this year. Shares in Tesco at one stage fell as much as 17 per cent to their lowest in around 14 years, wiping some £2.6bn off the firm’s market capitalisation. It later regained some ground to close 6.6 [...]
Bottom Line: Ocado profits set to come in the nick of time February 4, 2014 OCADO’S detractors are starting to wear a little thin. For three-and-a-half years – since its market debut in July 2010 at 180p – investors have mostly stuck around as the price fluctuated between 54p to recent record highs close to 10 times that. For the most part, the upward trajectory has been uninterrupted since Sir [...]
Morrisons’ share price opens 4.2 per cent up, despite plummeting pre-tax profits September 11, 2014 Shares in Morrisons opened 4.25 per cent higher this morning, even though results published today showed pre-tax profit plummeted by just under a third for the six months ended 3 August, as the company struggles to rise above a slowdown in the grocery market. The struggling supermarket's half-year results revealed a pre-tax profit of £239m [...]
London Report: Retailer data to reveal strength of UK recovery September 7, 2014 THE NEWLY-MERGED Dixons Carphone will report its maiden quarterly results tomorrow in a week containing a flurry of updates for retailers. Figures for the company, whose merger only completed a month ago, will be keenly watched by investors, who will be hoping the firm’s planned synergies are starting to take effect. Other retailers due to [...]
Ocado co-founder offloads 3m shares after losses shock February 6, 2014 After the grocer suffered pre-tax losses of £12.5m in the year to 1 December, co-founder and director Jason Gissing has sold over 3m shares. Gissing is a founding director, and yesterday it was announced that he would step down, leaving chief executive Tim Steiner as the only remaining co-founder at the company. Steiner said that [...]
Co-founder of Ocado steps down as the company reports £12.5m loss February 4, 2014 Online grocer Ocado has suffered a pre-tax loss of £12.5m for the year ended 1 December, despite increasing sales growth and the company’s deal with Morrison's last year to supply a new online service. Gross sales rose by 15 per cent to £843m, with new customer acquisitions up over 40 per cent on 2012. Analysts [...]
FTSE dragged down by HSBC and utilities – London Report November 3, 2014 BRITAIN’S top equity index broke a four-day rise yesterday as a drop in major utility stocks and in global banking group HSBC dragged the UK stock market lower. The blue-chip FTSE 100 index closed down by 0.9 per cent at 6,487.97 points. Last week, it had extended a rebound off 15-month lows reached in October. [...]
Ocado co-founder Jason Gissing offloads 3m shares worth £15m February 6, 2014 OCADO’S outgoing commercial director and co-founder Jason Gissing sold shares worth £15m on the day that the online grocer announced full-year losses of £12.5m. Gissing, who announced on Tuesday that he would be leaving the company, sold just over three million shares on the same day at 498.75p each, reducing his stake by 0.52 per [...]