Ocado pleases with AGM statement

Online supermarket Ocado is set to tell investors at Friday's annual general meeting (AGM) that it has made 'significant progress' and is 'well placed' to exploit growth in the online grocery retail industry.

Online supermarket Ocado is set to tell investors at Friday's annual general meeting (AGM) that it has made 'significant progress' and is 'well placed' to exploit growth in the online grocery retail industry.

The meeting will also see the chairmanship passed from Lord Grade to Sir Stuart Rose.

In a statement made at the AGM, the company will say: "The company has continued to grow sales as it benefits from increasing loyalty and spend from existing customers and attracts new shoppers, supported by further expansion in customer demand for online grocery shopping.

"In February 2013 operations commenced at Ocado's second Customer Fulfilment Centre at Dordon, Warwickshire, which opened on time and on budget, and provides the operational platform for significant future growth.

"Ocado is in discussions with Morrison Supermarkets, which may lead to an agreement to facilitate Morrison commencing an online business in the UK. Any such agreement would be complementary to Ocado's existing partnership with Waitrose, which would be unaffected by any potential agreement with Morrison - product would continue to be sourced with Waitrose, and Ocado customers would continue to buy exclusively from the existing Ocado, Waitrose and branded ranges.

"Ocado reconfirms that the arrangements under discussion do not involve Morrison acquiring either the whole of, or an equity stake in, Ocado. Discussions are ongoing, and there can be no certainty that an agreement will be reached. A further announcement on this topic will be made in due course."

Ocado's share price leapt 13.37% to 236.50p by 09:15 Friday.

NR

Recommended

Imperial Brands has an 8.3% dividend yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% dividend yield – but what’s the catch?

With an impressive dividend yield of 8.3%, Imperial Brands looks to be one of the most attractive income stocks in the FTSE 100 . But investors should…
6 Jul 2022
Can Royal Mail continue to deliver its 7.6% yield?
Share tips

Can Royal Mail continue to deliver its 7.6% yield?

Royal Mail shares are yielding 7.6% this year. But it’s facing some huge challenges, says Rupert Hargreaves. So is Royal Mail’s dividend sustainable?
6 Jul 2022
Saga’s figures are heading in the right direction – so should you buy?
Share tips

Saga’s figures are heading in the right direction – so should you buy?

Saga the over-50s travel and financial services specialist, has been struggling for years. But now, with the pandemic behind, it it is planning for fu…
5 Jul 2022
Director dealings w/e 1 July: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 1 July: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
5 Jul 2022

Most Popular

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks
European stockmarkets

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks

Ray Dalio’s Bridgewater hedge fund is putting its money on a collapse in European stocks. It’s likely to pay off, says Matthew Lynn.
3 Jul 2022
Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
Is inflation about to drop as recession takes hold?
UK Economy

Is inflation about to drop as recession takes hold?

Central banks are raising interest rates in an attempt to curb soaring inflation. But will that push the economy into recession? John Stepek looks at …
5 Jul 2022