Ocado shares soar after partnership with South Korea’s Lotte Shopping November 1, 2022 Ocado shares surged by more than a third on Tuesday morning after the retailer inked a partnership deal with South Korea’s Lotte Shopping. The London-listed tech firm said it had agreed plans for the development of a national fulfilment network, pushing shares up as much as 36 per cent by midday. Lotte Group is one [...]
City lawyer avoids jail after telling client to ‘burn’ evidence in Ocado case October 5, 2022 A City lawyer, who instructed his client to “burn” chat logs to prevent them from being handed over to Ocado, has avoided going to prison after being handed a substantial fine. Ex-Jones Day partner Raymond McKeeve told an IT manager at a company founded by Ocado co-founder Jonathan Faiman, Today Development Partners (TDP), to “burn” [...]
Ocado shares sink after HSBC downgrade September 20, 2022 Shares in Ocado sank on Tuesday after HSBC analysts downgraded the grocery delivery firm from a Hold to a Reduce rating. HSCB’s notes caused shares in the middle-class favourite to drop by more than eight per cent after Ocado warned last week that soaring inflation will weigh on its profitability in Q4. The firm warned [...]
London’s FTSE 100 dips after weaker than expected UK inflation September 14, 2022 London’s FTSE 100 dripped lower today after fresh figures revealed UK inflation is cooling. The capital’s premier index tumbled 1.47 per cent to 7,277.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 1.66 per cent to below the 19,000 point mark. Traders were [...]
London’s FTSE 100 sheds early gains after worrying US inflation numbers September 13, 2022 London’s FTSE 100 shed all its early gains today after a hotter than expected US inflation report sent investors wobbling. The capital’s premier index slumped 1.17 per cent to 7,385.86 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 1.78 per cent to 19,167.21 [...]
Ocado shoppers sent to cut back on spending at online grocer September 13, 2022 Ocado has warned its grocery shoppers will cut back on spending as they turn to cheaper supermarkets and add less to their baskets. In a trading update, the London-listed firm noted “accelerating trading down and smaller baskets, particularly over the last few weeks” and said it now expected to see “a small sales decline” in [...]
New job: Ocado Retail appoints Hannah Gibson as CEO September 7, 2022 Ocado’s online grocery business has appointed Hannah Gibson as new CEO, as the company hopes to retain consumers amid the cost of living crunch. Gibson will take up her position on 20 September, stepping into the shoes of Melanie Smith, who left in July, Ocado Retail announced on Wednesday morning. She has spent more than [...]
Ocado appoints CEO to head up new technology division to focus on robotics handling July 28, 2022 Online grocer and tech firm has appointed its current chief operating officer to a new role as top boss of a new Ocado division. Mark Richardson will step into the newly-created role of CEO as a new business which will extend Ocado’s “product offering into new market sectors alongside grocery.” The upcoming launch of products [...]
Ocado losses swell as shoppers add less items to their baskets amid cost of living crunch July 21, 2022 Ocado has posted swelling losses after shoppers have added less items to their shopping baskets following the cost of living crunch and easing of lockdown restrictions. Losses widened to £211m, from £27.9m the year prior, for the six month period to 29 May, as customers tightened their purse strings as inflation surged past new 40-year [...]
Ocado Retail boss to step down as online grocer begins hunt for new CEO July 19, 2022 Ocado Retail has said its CEO Melanie Smith will step down next month, after three years at the helm of the business. Former deputy CEO of the company, Lawrence Hene, will take over on an interim basis while a hunt for a permanent replacement takes place. The supermarket has struggled with waning average basket spending [...]