Ocado is still committed to its London listing even after it was relegated from the FTSE 100 earlier this year, its boss has said. Tim Steiner, co-founder and chief executive of the online grocery and technology group, said he had no plans to take the company private or shift its listing overseas. (The Times £).
However, The Telegraph claims the boss of Ocado has opened the door to the possibility of quitting the London Stock Exchange amid pressure from investors to shift its listing to New York. (Telegraph £)
The boss of Ocado has urged disgruntled shareholders to keep the faith as the group posted rising sales and narrower losses. (Daily Mail)
Ocado shares surge after profit forecast upgrade – UK online grocer says technology business will achieve margin in mid-teens, up from previous guidance of more than 10% (Financial Times £). Shares in Ocado jumped by as much as 18% after the UK online grocer reported narrowing losses and raised its annual guidance for its technology arm, which sells warehouse robots to other retailers around the world. (The Guardian).
Isabella Fish in The Times writes: “Ocado has been a “jam tomorrow” stock ever since it floated on the London Stock Exchange in 2010… There was no mention of the multimillion-pound dispute over the performance of the grocery partnership with M&S. However, the overall upgrade will go some way to allaying investors’ fears over the future of the group and its business model.” (The Times £)
“It is now a cliché to say that Ocado promises jam tomorrow,” writes The FT’s Lex column. “Refinancing its first £600mn bond could settle some nerves. More cost-cutting might help. But, after a decade and a half on the stock market, backing Ocado’s metamorphosis looks more of a leap of faith than ever.” (Financial Times £)
Falling inflation, football fans and fake tan drove supermarket shopping in recent weeks, when improving consumer confidence and excitement around the men’s Euros tournament were only slightly dampened by wet weather (The Guardian). Sales of fake tan and flu medicine are on the rise as Britain endures a soggy summer, figures show (Telegraph £).
A rush of promotional activity to lure football fans to supermarkets has played a role in pushing grocery inflation to its lowest level since September 2021, according to industry data. (Sky News)
Waitrose is winning back shoppers for the first time in more than two years, as cost of living pressures start to ease. (Telegraph £)
B&M has blamed a decline in first quarter UK sales on ‘unseasonal weather’ during a rain-soacked April and May. (Daily Mail)
The UK is set to become the first country in Europe to commercialise ‘lab-grown’ meat after regulators approved chicken cultivated from animal cells for use in pet food. (Financial Times £)
The UK food industry should cover the upfront costs faced by migrant farm workers if it wants to keep access to the overseas labour it relies on, the government’s advisers on migration have said. (Financial Times £)
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