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 [...]
Ocado slumps after grocery profits go off December 19, 2011 SHARES in Ocado took a battering yesterday after the online grocer warned that full-year profits would come in below expectations, due to problems at its main distribution centre in north London. The company, which sells goods from high-end supermarket chain Waitrose, said underlying earnings for the year would be within a range of £27.5m–£28.5m, down [...]
Delivery pioneer lacks capacity to grow December 19, 2011 EIGHTEEN months post float, and those distinctive delivery vans just aren’t looking so special anymore. Yesterday’s profit warning from chief executive Tim Steiner may have been expected at some point, but analysts clearly thought the company had some breathing room – now it’s going to be more under scrutiny than ever. And it’s not as [...]
CITY VIEWS: are you surprised by the slump at ocado? December 19, 2011 Nico Tyabji Bloomberg “I can see how Ocado didn’t do very well this year because of the difficult economic climate. I don’t use it although I shop at Waitrose – I find it hard to take the leap to an online service like Ocado.” Reza Kaci City Index “I remember Ocado has had trouble before, [...]
Santa rally looks unlikely as FTSE loses ground on very light volumes December 19, 2011 BANKS dragged the FTSE 100 lower in extremely light trade yesterday after the British government estimated the cost to banks of reforming the UK banking system could be as much as £8bn. London’s blue chip index was down 22.35 points, or 0.4 per cent, at 5,364.99, with volumes at just 67 per cent of their [...]