| Ocado Group PLC (GB00B3MBS747) | |||
2,46 GBXStand (close): 03.07.25 |
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| 18.04.25 17:35:52 | Ocado apologises to Mumsnet after it said forum had ‘hateful political views’ |  |
| Ocado has apologised to Mumsnet after pulling out from a partnership “citing Mumsnet’s ‘hateful political views'” because the forum included a call to clarify the definition of sex in the Equality Act in its 2024 manifesto. It follows the judgment by the Supreme Court on Wednesday, that the definition of a woman in equality law is based on biological sex, meaning transgender women with a gender recognition certificate (GRC) can be excluded from single-sex spaces if “proportionate”. Mumsnet’s chief executive Justine Roberts posted on the site after the ruling congratulating everyone on the website who “played a part in securing what I think most would agree is much-needed clarity in the Equality Act”. She said that previously a “fair number of organisations pulled their advertising under pressure from activists”. And she added that Ocado “pulled out” of a partnership after the website included a call to clarify the definition of sex in the Equality Act in its 2024 Mumsnet Manifesto, then “refused to speak to us ever since”. Ms Roberts said: “When we included a call to clarify the definition of sex in the Equality Act in our 2024 Mumsnet Manifesto, Ocado, who had been excited about a partnership, abruptly pulled out, citing Mumsnet’s ‘hateful political views’. “Despite repeated attempts to explain our position – as a platform committed to amplifying women’s voices – they’ve refused to speak to us ever since.” Feminist campaigner and writer Julie Bindel, the co-founder of the law reform group Justice for Women, posted on X about potentially boycotting Ocado after “the Mumsnet thing” and Ocado replied on X saying: “These comments are not representative of us as a company, and we believe they were made by a temporary contractor who is no longer with the business. “We apologise unreservedly to Mumsnet.” View Comments |
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| 16.04.25 15:16:30 | UK's Ocado CEO Steiner temporarily takes helm of tech division | |
| (Reuters) - British online supermarket and technology firm Ocado said on Wednesday that CEO Tim Steiner will temporarily lead Ocado Solutions, the company's sub-unit which focuses on an all-encompassing technology platform for retailers. The move comes as John Martin, the current boss of Ocado Solutions, steps down after 18 months in the role, the company said in a statement. Ocado shares fell 6.9% to 291.6 pence by 1446 GMT on the London bourse, while the broader mid-cap FTSE-250 index was down 0.3%. During his tenure, Martin expanded Ocado's global footprint by securing a deal with Saudi Arabian supermarket chain Panda Retail Co. Ocado said Steiner will take charge of Ocado Solutions until a permanent CEO for the division is appointed, while James Matthews, the current CEO of Ocado Technology, will also become deputy CEO of the wider group. Ocado Solutions is part of Ocado's Technology Solutions business, which also houses Ocado Intelligent Automation, a separate sub-division focusing on automation support for retailers to manage their operations. (Reporting by Aatrayee Chatterjee in Bengaluru and James Davey in London; Editing by Shailesh Kuber) View Comments |
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| 27.03.25 00:01:00 | Easter eggs up to 50% more expensive than last year | |
| Easter eggs have gone up in price by as much as 50% on last year while shrinking in size, according to an investigation. The price of chocolate has risen by 16.5% in a year – compared to a 4.4% increase for supermarket food and drink overall – according to inflation tracking by Which?. It comes after a steep fall in global cocoa production, driven by higher temperatures hindering the quality and quantity of beans, started driving wholesale costs to record highs. An 80g pouch of Terry’s chocolate orange mini eggs at Lidl cost 99p in the run up to Easter in 2024 but has gone up to £1.35 while shrinking to 70g – meaning a price rise of 56% per 100g. The same product, which originally cost more at other supermarkets, has gone up by 51% at Asda, 37% at Sainsbury’s and 14% at Tesco. At Morrisons, Which? found a 200g Cadbury Creme Egg 5 Pack Mixed Chocolate Box had increased in price from £2.62 last year to £4 this year. A Nestle Kit Kat Chunky milk chocolate Easter egg stayed at the same price at the supermarket but has reduced in size from 129g to 110g – making it 17% more expensive per 100g. At Tesco, Which? found a Twix white chocolate Easter egg had increased from £5 to £6 on last year and had also shrunk from 316g to 258g, meaning the unit price per 100g had gone up by 47%. Meanwhile, Asda Fruit & Nut Milk Chocolate 200g is 73% more expensive, rising from £1.33 to £2.30. At Ocado, a 110g NOMO Creamy Choc Buttons share bag 110g has gone up from £2.43 to £3.97, a 63% increase. Which? money and retail editor Reena Sewraz said: “You can still get a good deal on your Easter chocolate by looking for special offers, comparing the price per gram or if you can, hold out until Easter Sunday when many of the eggs are likely to be reduced.” A Mars Wrigley UK spokeswoman said: “We will always absorb pricing pressures where we can, but rising manufacturing costs – driven in part by well-documented increases in the cost of cocoa – have meant that we’ve had to adjust some of our product sizes to minimise changes to list price, ensuring our snacks continue to deliver great quality and affordable value for families this Easter.” A Nestle spokeswoman said: “Like every manufacturer, we have seen significant increases in the cost of cocoa, making it much more expensive to manufacture our products. “As always, we continue to be more efficient and absorb increasing costs where possible. To maintain the same high quality and delicious products that consumers know and love, it has sometimes been necessary to make adjustments to the price or weight of some of our products. Story Continues “Retail pricing is always at the sole discretion of individual retailers.” Ocado said: “With external factors continuing to push up the price of a range of commodities, we’re doing all we can to keep prices low for our customers. “We also work closely with our suppliers to make sure pricing is fair, without compromising on quality.” View Comments |
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| 26.03.25 17:22:55 | London stocks make gains after drop in inflation | |
| The FTSE 100 was in positive territory on Wednesday as traders welcomed easing inflation and digested the Chancellor’s spring statement. Equity markets and the pound were largely untouched by the spring statement, which focused on departmental spending cuts. Trading in London started with gains and remained in the green throughout the session after fresh Office for National Statistics (ONS) data showed that inflation dipped below expectations. Consumer Price Index (CPI) inflation for February came in at 2.8%, dropping from 3% in the previous month, on the back of a fall in clothing and footwear prices for the month. A number of major retailers, including Next and Kingfisher, were higher at the close. The FTSE 100 finished 25.79 points, or 0.3%, higher to end the day at 8,689.59. Elsewhere in Europe, it was much less positive on the other side of the Channel as tariff concerns once again pressed down on sentiment. The Cac 40 ended 0.96% lower for the day and the Dax index was down 1.14%. Stateside, the key technology sector had a weak start to trading over concerns related to efforts from China’s government to boost its chip-making companies. Chris Beauchamp, chief market analyst at IG, said: “The more positive tone for US markets was not likely to last, and tariff reports and chip worries have driven Wall Street firmly into the red. “Measures in China designed to improve energy efficiency for data centres seem squarely aimed at Nvidia, and the news has dragged the stock, and tech stocks generally, sharply lower.” Meanwhile, sterling dropped to its lowest against the dollar for two weeks as lower-than-expected inflation suggested there could be more capacity for interest rate cuts soon by the Bank of England. The pound was down 0.37% at 1.289 US dollars and was down 0.31% at 1.195 euros when London’s markets closed. In company news, William Hill gambling group Evoke slumped in value during the session after it cautioned over slower sales growth at the start of 2025. The firm, which also owns 888, also revealed aims to slash costs further over the year ahead to offset soaring wage costs, saying it would strip out between £15 million and £25 million in 2025. Shares in the business slid by 19.5% to 321.1p at the close. Ocado was among the day’s top performers after analysts at JP Morgan upgraded the online grocer, suggesting it was now “at an inflection point”. The brokerage pointed towards improving market share after recent sales growth, helping to drive a jump in demand for the stock. Story Continues Ocado shares finished up 16.3% at 2,083.09p as a result. Virgin Wines UK was 2% lower at 48p despite the retail business reporting that its customer base surged in the second half of last year. Elsewhere, the price of oil recovered further as reports of tight supplies helped offset recent concerns over demand. A barrel of Brent crude oil was up by 1.1% to 73.82 dollars (£56.18) as markets were closing in London. The biggest risers on the FTSE 100 were Shell, up 66p at 2,831p, Next, up 190p at 9,986p, Babcock, up 13.5p at 746p, Kingfisher, up 4.2p at 244.5p, and National Grid, up 14.4p at 979.6p. The biggest fallers were Admiral Group, down 74p to 2,818p, Smiths Group, down 46p to 1,974p, Schroders, down 7.6p to 374.6p, Polar Capital Technology Trust, down 6p to 312.5p, and Antofagasta, down 36p to 1,890p. View Comments |
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| 07.03.25 06:00:17 | Ocado Group Full Year 2024 Earnings: UK£0.37 loss per share (vs UK£0.39 loss in FY 2023) | |
| Ocado Group (LON:OCDO) Full Year 2024 Results Key Financial Results Revenue: UK£1.21b (down 57% from FY 2023). Net loss: UK£301.5m (loss narrowed by 4.0% from FY 2023). UK£0.37 loss per share (improved from UK£0.39 loss in FY 2023).LSE:OCDO Earnings and Revenue Growth March 7th 2025 All figures shown in the chart above are for the trailing 12 month (TTM) period Ocado Group Earnings Insights Looking ahead, revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Consumer Retailing industry in the United Kingdom. Performance of the British Consumer Retailing industry. The company's shares are down 9.0% from a week ago. Risk Analysis It's still necessary to consider the ever-present spectre of investment risk. We've identified 2 warning signs with Ocado Group, and understanding them should be part of your investment process. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. View Comments |
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| 05.03.25 06:00:06 | UK’s cheapest supermarket revealed | |
| Aldi has been named the cheapest supermarket in February, with an average household basket full of groceries and other essentials coming in at £182.64, a study by consumer group Which? found. Lidl came in second, with the same shopping list costing only £1.87 more at £184.51 with the supermarket’s loyalty scheme Lidl Plus and £2.30 more without, at £184.94. Aldi shoppers saved an average of £63.15 over the month compared with customers at Waitrose, which at £245.79, was the most expensive retailer. Read more: Mobile and broadband providers offer perks worth up to £549 The basket of 100 items cost £201.85 at Asda, £205.31 at Tesco (TSCO.L) with a Clubcard, £212.98 at Morrisons with a More card, £213.46 at Sainsbury’s (SBRY.L) with a Nectar card, and £230.90 at Ocado (OCDO.L). Reena Sewraz, Which? retail editor, said: “Our latest monthly analysis once again sees Aldi crowned as the UK’s cheapest supermarket, however, Lidl remains close behind its rival. It was also a good month for Asda, as it held on to the top spot as the cheapest supermarket for a bigger list of groceries. “With people still feeling the effects of food inflation and with prices forecast to rise again, people are likely looking to cut costs where they can. Our analysis shows that by switching supermarkets consumers could save up to 26 per cent, highlighting the advantages of shopping around where possible." The list of items included both branded and own-brand items, such as Birds Eye Peas, Hovis bread, milk and butter. Special offers and loyalty prices were included, but any multi-buys were not. Read more: How Gen X can still save for a decent retirement The study also found Asda to be the cheapest supermarket for a larger trolley of 206 items, at £512.30. Asda beat Tesco by £3, which came in second at £515.30. Asda’s top spot for the longer shopping list comes after the supermarket brought back Rollback pricing — claiming to have slashed the prices of more than 4,000 products in-store and online by an average of 25%. Waitrose was the most expensive supermarket for a larger trolley of items. In February, a Waitrose shop cost a total of £585.10 on average. Meanwhile, data from Kantar showed grocery prices held steady in February despite fears of increases within months as supermarkets wheeled out promotions to hold on to customers. Grocery price inflation has remained at 3.3% after falling from 3.7% in December — its highest level since last March. The British Retail Consortium (BRC) has said it expects food inflation to hit 4% by the second half of the year amid geopolitical tensions and the imminent £7bn increase in costs from the autumn budget. Story Continues Sally Ball, head of retail at Kantar, said: “Of course, it’s hard to untangle the cost of living crisis from any post-Covid analysis, and the other big headline of the past few years has been consumers’ hunt for value. “You might think that people would shop around more to find the best deals but in fact that’s not the case.” Tesco has risen to become Britain’s largest grocer — up from second place 30 years ago — since it introduced its Clubcard scheme in 1995. Read more: Were you a winner in the February 2025 Premium Bonds draw? How rising house prices can impact your finances Does AI mean less pay for workers? Download the Yahoo Finance app, available for Apple and Android. View Comments |
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| 28.02.25 07:05:26 | Ocado Group PLC (OCDDY) (FY 2024) Earnings Call Highlights: Strong Revenue Growth and Strategic ... | |
| Revenue: Increased by 14% to GBP3.2 billion. Adjusted EBITDA: Tripled to GBP153 million, up GBP102 million. Cash Flow Improvement: Improved by GBP249 million year over year. Liquidity: Over GBP1 billion, including cash and revolving credit facility. Depreciation and Amortization: GBP460 million. Recurring Revenue for Technology Solutions: GBP460 million, representing 84% of total revenues. Technology Costs: GBP93 million, flat with last year. Support Costs: Reduced by GBP17 million to GBP174 million. Ocado Retail Revenue Growth: 14%, with an EBITDA of GBP45 million. Average Orders Per Week: Increased by 12.5%. Customer Growth: Over a million customers, growing by 12%. Basket Value: Stable at GBP122. Capital Expenditure: Reduced due to less construction activity. R&D Spend: GBP280 million in fiscal '24, with a reduction target to GBP250 million in fiscal '25. Cash Balance: GBP772 million at year end. Guidance for Fiscal '25: Technology solutions revenue growth of 10%, Ocado retail growth above 10%, and a cash outflow of circa GBP200 million. Warning! GuruFocus has detected 5 Warning Signs with OCDDY. Release Date: February 27, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Ocado Group PLC (OCDDY) reported a 14% increase in group revenue, reaching GBP3.2 billion. Adjusted EBITDA tripled to GBP153 million, marking a significant improvement in profitability. The company achieved a GBP249 million improvement in underlying cash flow, surpassing initial guidance. Ocado Group PLC (OCDDY) maintains strong liquidity with over GBP1 billion, including cash and access to a revolving credit facility. The company is making strides in technology solutions, with recurring revenues now representing 84% of total revenues for this segment. Negative Points Growth across global CFCs is behind expectations, necessitating a focus on accelerating growth and efficiency. Interest costs are expected to rise due to the introduction of a high-yield bond. The company faces challenges with some CFC sites requiring a different strategic approach to realize full value. There is a delay in the go-live dates for some CFC sites, such as those in Phoenix and Charlotte, now expected in early fiscal '26. Ocado Group PLC (OCDDY) is experiencing a slower build of modules and CFCs, impacting the anticipated inflection point in growth. Q & A Highlights Q: What is causing the delay in winning new contracts for Ocado Intelligent Automation (OIA), and how are tariffs affecting your operations in the US? A: Timothy Steiner, CEO, explained that while there is a strong pipeline for OIA, some projects have been delayed due to rising interest rates and economic conditions, with clients postponing projects by 12 to 24 months. Regarding tariffs, Steiner noted the complexity and variability of tariffs but mentioned that most equipment needed for US operations is already in the country, minimizing immediate concerns. Story Continues Q: With the addition of the auto freezer in US warehouses, does this increase the lifetime value of those warehouses? A: Timothy Steiner, CEO, confirmed that the auto freezer enhances the efficiency and scalability of warehouses, potentially increasing their lifetime value. The new freezer technology allows for easier scaling of sites, which can lead to a 30-40% increase in capacity, thus improving the overall value proposition. Q: Could there be further downside risks to the pipeline between now and 2027, particularly with sites investing in new products? A: Timothy Steiner, CEO, stated that most sites going live by 2027 already have new products built into their designs, minimizing downside risks. He emphasized that while there is no expected downside, there is potential upside if new sites are signed during the year. Q: How are you addressing the refinancing of debt, and what are your thoughts on equity raises? A: Stephen Daintith, CFO, indicated that Ocado is proactive in managing debt maturities and is considering refinancing options well in advance. He did not provide specifics on equity raises but emphasized maintaining strong liquidity and managing cash flow effectively. Q: How do you plan to manage the transition of CFCs between different performance categories, and what is the future of the logistics business? A: Timothy Steiner, CEO, mentioned that the partner success team is expanding to support CFCs in transitioning to higher performance categories. Regarding the logistics business, Steiner noted that while it generates stable cash flow, there may be future considerations for consolidation with retail operations, but no immediate changes are planned. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. View Comments |
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| 27.02.25 12:44:58 | Despite slowdown Ocado upbeat on long-term Kroger site roll-out | |
| By James Davey LONDON (Reuters) - Ocado, the British online supermarket and technology group, is confident its U.S. grocery partner Kroger will eventually open "a significant number" of automated warehouses despite a slowdown in the roll-out of sites, Ocado's boss said. Ocado struck a deal with Kroger in 2018 to help the U.S firm ratchet-up its delivery business with the construction of robotic warehouses. The initial deal saw Kroger identify 20 sites to build automated warehouses, or customer fulfilment centres (CFCs) as Ocado calls them, in the United States, making the group Ocado's most important partner. However, so far only eight sites have gone live, with a further two now not due to open in Charlotte and Phoenix until early in Ocado's 2025-26 financial year as additional freezer technology is added to the sites. "I expect in the long term we will see a significant number of warehouses and modules live in the U.S.," Ocado CEO Tim Steiner told reporters on Thursday after the group reported annual results that sent its shares sharply lower. "I still believe that the U.S. is an enormous opportunity for the group and at some point in the future we'll look back and go 'wasn't it challenging for a few years' and we'll see enormous growth," he said. Steiner said the U.S. consumer was increasingly attracted to online grocery delivery and noted that in markets where Kroger had opened sites it had seen strong sales growth despite limited marketing. The CEO also noted that the exclusivity element of its deal with Kroger is conditional on growth. "If we found ourselves not able to do that, we obviously would be able to operate with other partners." Steiner also said that to reduce costs Ocado would cut some jobs, mainly in research and development areas. He said the job losses would be a "low single-digit percentage" of a global workforce of about 20,000. (Reporting by James Davey; editing by David Evans) View Comments |
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| 27.02.25 09:13:11 | Ocado reveals further job cut plans as losses narrow | |
| Ocado has revealed plans to scale back its research and development workforce in the UK and globally as it remained loss-making last year despite a resurgent performance from its online retail arm. The group, which runs robotic warehouses for other chains alongside its Ocado Retail business as a joint venture with M&S, said it was trimming investment on R&D to cut costs, having spent more than £800 million in this area over the past four years. Chief executive Tim Steiner declined to say how many jobs would be going, but said it would be “significantly” less than the 1,000 group-wide redundancies made in 2023-24. “The cost reductions we’re looking at are a low single-digit percentage of our global workforce,” he said. On the job losses, he added: “It’s never something that’s easy or that we take lightly. “It’s a very difficult day for us to have to announce that.”The group employs nearly 20,000 people worldwide (Jonathan Brady/PA) The group – which employs nearly 20,000 people worldwide – has around eight R&D sites across countries worldwide, with around half of those in the UK. The job cuts come as part of its plans to become cash flow positive in 2026, Mr Steiner said. Annual results for the group on Tuesday showed Ocado narrowed annual losses, but remained in the red in spite of rising revenues, while its outlook for 2025 disappointed investors. The group posted statutory group pre-tax losses of £374.5 million for the year to December 1 2024, against losses of £393.6 million the previous year. Shares in the firm tumbled as much as 16% in morning trading on Thursday on its outlook for lower growth in its technology solutions business. The firm added that it remains in “constructive discussions” with Ocado Retail partner M&S over the final payment of £190.7 million due in April this year under their agreement. It stressed it would “continue to look to use all contractual or legal means available to us in order to maximise” the amount payable. M&S is due to pay Ocado the final instalment as part of the payment for the £750 million 50-50 tie-up between the businesses, Ocado Retail, which was launched in 2019. But the joint venture has failed to meet performance targets in 2023, leading to negotiations between the pair, with Ocado saying in February last year that it could take legal action against M&S over the payment.Full-year results for Ocado showed group-wide revenues rose 14.1% to £3.2 billion (Daniel Leal-Olivas/PA) Ocado revealed it has written down the value to zero in its full year accounts, “having considered the current facts and circumstances, and the inherent uncertainty around any of the potential outcomes”. It said: “Notwithstanding this valuation, management is committed to maximising the amount due, and believes we have a strong negotiating position in achieving some form of satisfactory settlement.” Story Continues Mr Steiner added that the group was not looking to exercise its right to sell its 50% stake in the group to M&S, saying “we are absolutely retaining our stake in the venture”. Full-year results for Ocado showed group-wide revenues rose 14.1% to £3.2 billion, with its retail chain seeing growth of 13.9%. The retail joint venture with M&S saw underlying earnings more than quadruple to £44.6 million from £10.4 million in 2023 thanks to the surge in sales, while it also notched up a 12.5% rise in weekly orders and 12.1% rise in customers to 1.1 million. It added it expects retail sales by volume to rise “well ahead” of the market as it continues to add customers, forecasting revenues to rise by more than 10% in 2025. Its robotic warehouse logistics arm grew revenues by 7.6% to £718 million, with underlying earnings up £1 million to £31.1. million, while its technology solutions business enjoyed growth of 18.1%. But Ocado forecast that technology solutions growth would pare back to around 10% in 2025. View Comments |
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| 27.02.25 08:27:14 | Ocado says on track to turn cash flow positive in 2026 | |
| LONDON (Reuters) - Ocado, the British online supermarket and technology group, reported a smaller annual loss and said it was on track to hit its key target of turning cash flow positive in its 2025-26 year. The group runs an online supermarket in Britain through a joint venture with Marks & Spencer, though its value is driven by the sale of its cutting-edge warehouse technology to retailers around the world. Ocado said on Thursday it had made a pretax loss of 374.3 million pounds ($473.8 million) in the year to Dec. 1 2024, versus a loss of 387 million pounds in 2022-23. At the core earnings, or adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), level, Ocado's preferred metric, the group made 153.3 million pounds, up from 51.6 million pounds in 2022/23, reflecting an improved performance in both its technology solutions and retail divisions. Ocado shares are down 33% year-on-year with the market concerned by a slowdown in the rollout of robotic sites for its grocery retail partners and a lack of further technology deals. Its most important grocery partner, Kroger in the United States, has slowed down its rollout of robotic warehouses, or customer fulfilment centres (CFCs) as Ocado calls them, while its Canadian partner Sobeys has paused the opening of a fourth warehouse. Ocado said at least seven more CFCs would go live over the next three years. But it said two of these - CFCs for Kroger in Charlotte and Phoenix - were not now expected to go live until early in its 2025-26 year. ($1 = 0.7900 pounds) (Reporting by James Davey; Editing by Kate Holton) View Comments |
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