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☆ Ocado upgrades technology arm, sending shares soaring
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +2 min

Britain's Ocado lifted its annual guidance on Tuesday, citing an improvement in the profitability of its warehouse technology business, reassuring investors and sending its shares up by 18%. The group runs an online grocer in Britain through a joint venture with Marks & Spencer and also sells its cutting-edge warehouse technology to retailers around the world. Citi analysts said the share price reaction was to be expected given the upgrades to technology and cash expectations, plus weakness in recent days. It also forecast underlying cash flow would improve by 150 million pounds, ahead of a previous expectation of 100 million pounds, and said liquidity remains strong at 1.05 billion pounds. First-half underlying earnings, or adjusted EBITDA, Ocado's preferred measure, was 71.2 million pounds, up from 16.6 million pounds.

Persons: Britain's Ocado, Spencer, Tim Steiner, I'm, We've, Steiner, Ocado, Sobeys, Kroger, Ocado's Organizations: Marks, Citi Locations: Britain, United States

☆ Britain's Ocado secures first deal beyond grocery retail
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

An Ocado grocery delivery van is driven along a street in London, Britain, March 25, 2023. It also holds a 50% share of Ocado Retail in the UK in a joint venture with Marks & Spencer (MKS.L). The deal with McKesson will see Ocado receive upfront fees during the construction process with the final payment upon final installation. Ocado said the impact of the deal will be minimal on cash flow and earnings in its current financial year. In July, the group reported a return to first half underlying profit.

Persons: Toby Melville, Canada Ocado, McKesson, Tim Steiner, we're, Spencer, Ocado, James Davey, Prerna Bedi, Shilpi Majumdar, Kirsten Donovan, Barbara Lewis Organizations: REUTERS, Kroger, Casino, Marks, Times, Thomson Locations: London, Britain, Canada, Ocado, United States, Japan, France, U.S, Bengaluru

☆ Morning Bid: Dogged central banks rein in risk
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

Markets have been here before over the past year - continually underestimating the economy's resilience and Fed's trajectory. There was far less ambiguity in moves from Europe's central banks on Thursday. The Swiss National Bank raised rates by 25bp earlier, as expected, but also left the door open for more tightening. And Norway's central bank surprised with an aggressive 50bp rise to a 15-year high of 3.75% and signaled another move in August. In the emerging market world, Turkey was expected to more than double its 8.5% interest rate in a post-election macroeconomic policy reset.

Persons: Mike Dolan, Jerome Powell, Powell, Raphael Bostic, BoE, Britain's, Christopher Waller, Michelle Bowman, Loretta Mester, Thomas Barkin, Elaine Hardcastle Organizations: Federal, Financial, Fed, Atlanta Fed, Yahoo Finance, Bank of England, Swiss National Bank, Treasury, The Times, Bank of, U.S, Kansas City Federal, Chicago Fed, Cleveland Fed, Richmond Fed, Accenture, Darden, Graphics Reuters, Reuters, Thomson Locations: U.S, Britain, Europe's, Turkey, Mexico

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