Ocado sales growth picks up January 31, 2012 Online grocer Ocado posted a 27 per cent rise in underlying earnings, forecast first-quarter sales growth of about 10 per cent and said the rate of growth should improve as the year progresses and capacity improves. The group said Tuesday it made earnings before interest, tax, depreciation and amortisation (EBITDA) of £27.9m in the year [...]
Ocado shares fall as finance chief resigns January 23, 2012 OCADO saw its shares fall yesterday after the online grocer announced that Andrew Bracey, its chief financial officer, has quit to join the recruiting agency Michael Page as its finance director. Bracey, who joined Ocado just 18 months ago ahead of its controversial flotation in 2010, will step down in April after completing the group’s [...]
Retail guru leaves the firm he helped to float January 23, 2012 ANDREW Bracey, who is leaving the world of online grocery shopping to join recruiter Michael Page, has been Ocado’s chief financial officer since November 2009. Prior to Ocado, he was head of consumer and retail investment banking at Jefferies International, with an 18-year career in investment banking and private equity behind him. After studying at [...]
Michael Page poaches Ocado finance chief January 23, 2012 Recruiter Michael Page has poached online grocer Ocado’s Andrew Bracey to replace Stephen Puckett as finance director at the increasingly global staffing group. Puckett stepped down after 11 years because he no longer wanted to undertake the travel needed for the job, Michael Page said on Monday. Bracey, who previously worked in private equity and [...]
Christmas lift strengthens Ocado shares January 12, 2012 OCADO’s shares enjoyed a 33 per cent lift yesterday after the online grocer said the absence of 2010’s snow and increased delivery slots helped boost sales by 23.8 per cent in the week before Christmas. The company, founded by three former Goldman Sachs bankers in 2000, reported gross sales of £59m in the four weeks [...]
A momentary triumph for Tim’s vans January 12, 2012 SO a glimmer of light for Ocado. We’ve long taken a sceptical view on the delivery firm, but its festive trading figures might just win it some breathing space, among all the other doom and gloom. Ocado — run by ex-Goldman banker Tim Steiner — lucked out by making two savvy decisions this winter. First, it [...]
FTSE ends lower as retailers reveal a miserable Christmas January 12, 2012 BRITAIN’S leading shares fell yesterday after a profit warning from Tesco triggered sharp falls in retailers and eclipsed a lift for banks from a successful Spanish debt auction and restructuring at RBS. The FTSE 100 index closed down 8.40 points, or 0.2 per cent, at 5,662.42, once again missing out in a tilt at the [...]
Banks steady FTSE but retailers dive January 12, 2012 The FTSE 100 index saw modest rises this morning as banks performed well in stark contrast to the retail sector which was pulled down by a string of poor results from heavyweights including Tesco. Investors were also digesting the results of a Spanish sovereign debt auction which showed yields going in a positive direction. Spain [...]
Ocado trading strong over festive period January 12, 2012 Online grocer Ocado reported a 16 per cent rise in sales in December, a slowdown from the 26.7 per cent posted a year ago, but said its focus on service and an absence of 2010’s snow helped it deliver nearly all orders on time. The company, which mostly sells the products of high-end supermarket chain [...]
BEST OF THE BROKERS December 20, 2011 AGGREKO After yesterday’s trading statement and a meeting with management, JP Morgan rates the temporary power provider as “neutral” with a target price of 1850p. The broker says trading seems to be strong, and upgrades its estimates from 2012 by two per cent to account for lower tax. It expects a reasonable margin on work [...]