- London-listed retail technology firm Ocado is actively pursuing new global partnerships, particularly in the US, after two major supermarket clients, Kroger and Sobeys, announced plans to close their robotic warehouses.
- The expiration of several exclusivity agreements has enabled Ocado to intensify its search for new grocery prospects across North America, Europe, and the Asia Pacific region.
- Ocado reported a 54 per cent increase in group revenues to £1.04 billion for the six months to 31 May and earnings before tax of £17 million, a significant improvement from a £173 million loss a year earlier.
- This revenue growth was heavily influenced by £354 million in one-off fees and other revenues connected to the proposed closures, with underlying revenues only 1 per cent higher after stripping out this impact.
- CEO Tim Steiner confirmed he will stay on until December next year, with succession plans to be finalised by the start of the 2027-28 financial year, as the company's shares dropped 15 per cent on Thursday morning.
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