Ocado non-exec invests after share price declines further

Douglas McCallum, a Non-Executive Director of Ocado, has purchased a round of 68,000 shares in the company less than two weeks after the online grocer said the third quarter was particularly hard to forecast due to a combination of the Jubilee and the Olympics.

McCallum handed over £49,654 for the shares which he purchased at 73.02p a pop. These are his only shares in the firm.

In a statement at the end of June, the firm said revenues in the first half increased 11.4% to £308m, but profits were flat at £0.2m due to customers taking advantage of cut price offers, prompting an 11% decline in the share price.

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Speaking at the end of June, Chief executive Tim Steiner said: "The grocery market and the general economic picture remain challenging and uncertain.

"The third quarter is particularly hard to forecast as we have already seen some disruption from the Jubilee events, and there is uncertainty as to the effect of the forthcoming Olympic Games, but we expect sales growth to increase in second half 2012 overall."

The stock has lost 65% of its value in the last year, equal to 123p, and dropped over 27% in the last month, equal to 26p.

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