Ocado shares on the rise as sales up despite fire

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Ocado shares on the rise as sales up despite fire
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The price of shares in FTSE 100 online grocery delivery firm Ocado (LON:OCDO) has shot upwards by 10.17% to 1,289.50p (as of 12:15 BST) after it posted retail revenue growth of 9.72% during the half-year ended 2nd June, despite the negative impact of a fire at the firm’s Andover facility on sales and profits.

Chief executive Tim Steiner said: “In the last six months the centre of gravity at Ocado Group has shifted. Our exciting new joint venture with M&S creates further growth opportunities for both parties in the U.K. and allows Ocado Group to increase focus on growing our Ocado Solutions business and innovating for our partners. At the same time we are beginning to apply our technology skills and expertise to other related activities which we expect to be of benefit to our Solutions partners as well as to other Ocado Group stakeholders.

“The innovation factory we have created is founded on a near twenty-year heritage of constant re-examination and reinvention of technology to provide the best customer experience. We have never had as many opportunities to grow as we do today. As we look to successfully scale our business and deliver outstanding execution to our partners, our challenge will be to select and prioritise the most attractive of these opportunities“.

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