Doubts over Ocado value July 5, 2010 OCADO can expect a frosty reception to its prospectus when it finally launches this morning, as investors and analysts baulk at the expected £1bn valuation of the firm. The roadshow will get underway this afternoon but Ocado bosses face an uphill struggle if they are to persuade investors to part with their cash. The head [...]
CITY VIEWS: WOULD YOU INVEST IN OCADO? July 5, 2010 JOHN BUTTERWORTH | INSURANCE CONSULTANT “I don’t think there is a problem with the firm floating. The long-term Waitrose deal is a definite plus point. It’s something different for investors: rewards come from taking a punt.” EMMA ATKINS | KENNEDY LAW “Online shopping is so convenient and the timing could be right for them. I [...]
Ocado issues IPO prospectus July 4, 2010 OCADO will this morning unveil the prospectus for its ambitious initial public offering, which it hopes will value the firm at more than £1bn. The online grocery delivery firm will begin a two week roadshow tomorrow as it seeks to convince investors it is worth the monster sum despite never turning a profit. Ocado, which [...]
A&O bullish as profit up 10pc despite slump June 30, 2010 ALLEN & OVERY (A&O) is the first of the UK’s largest law firms to reveal financial results, posting a four per cent decline in turnover and a 10 per cent hike in profits. The “magic circle” law firm saw revenue for the year ending 30 April fall to £1.05bn from £1.09bn it posted the previous [...]
Pinewood shareholder calls on Grade to resign June 28, 2010 MICHAEL Grade, the former ITV chief executive and current chairman of soon-to-be floated online grocer Ocado will today be urged to resign as chairman of Pinewood Studios by one of the group’s larger shareholders. The embarrassing challenge to Grade, which will be made at today’s shareholder meeting, comes from the 18 per cent holder Crystal [...]
Ocado to float June 24, 2010 ECHOES of the dotcom bubble returned to the City yesterday, as an online grocery delivery firm that has not turned a profit in 10 years confirmed it will float with an estimated value of £1bn. Ocado said it will seek to raise £200m when it floats this year and expects existing shareholders to cash in [...]
Ocado to report a healthy sales drive June 20, 2010 THE online grocer, Ocado, aims to make its stock market debut by the middle of next month and is expected to make a formal announcement next week. The company has achieved soaring sales but has yet to make a pretax profit. Ocado hopes to achieve a valuation of £1bn and has appointed JPMorgan Cazenove, UBS [...]
Ocado June 20, 2010 THE former Goldman bankers behind Ocado certainly have chutzpah. Trying to reach a £1bn valuation in a flotation is a tall order for pretty much any firm in these times; to do so without having turned a single penny of profit is nothing short of brazen. Ocado’s product is top-drawer in many respects, there’s no [...]
Ocado offers top shoppers share chance June 7, 2010 ONLINE supermarket Ocado has offered its most loyal customers the chance to buy shares if it goes ahead with plans to float on the London Stock Exchange. Chief executive Tim Steiner told customers in a letter yesterday that anyone who has spent £300 with the online grocer this year would be eligible to participate in [...]
Fresh Ocado deal boosts plans to float May 26, 2010 OCADO has struck a new 10-year partnership deal with Waitrose – strengthening its position as it presses ahead with plans to float. The two firms said yesterday they had sealed a deal under which Ocado will be able to continue selling Waitrose products until September 2020. A previous agreement had been due to expire in [...]