Ocado shares spiked this morning on the news that it had signed its first international deal.
The online retailer said yesterday that it has agreed to share its software platform with a regional European retailer, but refused to outline which retailer has signed up to its technology.
Nevertheless, it seems investors are impressed. At time of writing, Ocado's shares were up 5.44 per cent at 332p, having jumped seven per cent at the open.
Ocado has been promising to secure an agreement with an international retailer for more than a year and a half.
"This is good news for sure," said Neil Wilson of ETX Capital. "Investors have shown a great deal of patience and while the rewards from this agreement won't be immediately forthcoming, it bodes well for the future.
"But the devil is in the detail and while welcome, it's unclear what actual value this deal in itself will bring to Ocado. Financial details about the tie-up are non-existent at present."
And Ocado said the retailer will not be using its automated warehouse systems, instead choosing to stick with manual fulfilment for its orders.