An unexpected rise in profits at Ocado made headlines this morning but the elusive international partnership also figured prominently in reports.
The Times writes that the online grocer told an impatient City that an overseas deal was still on the way. Alistair Osbourne in The Times business editorial pages has some harsh words for CEO Tim Steiner. “Here’s one of life’s mysteries: what does Tim Steiner talk about all day? The Ocado chief executive has been in “continued discussions with multiple international retailers” for more than two years now. What is he? A professional windbag?”
Ocado’s share price jumped nearly 10% in early trading as it revealed a growth in profits and revenue for the 52 weeks to 27 November (The Telegraph). Telegraph group business editor Ben Wright compares the none-appearance of an international deal to Samuel Beckett’s Waiting For Godot.
While the company announced better than expected pre-tax profit growth of 21.8% to £14.5m, analysts said the figure partly reflected the late completion of a warehouse in Andover (The Financial Times). The Financial Times Lombard column expresses sympathies for Ocado shareholders still waiting after two years for the promised overseas deal. “As the wait gets longer, analysts warn that margins will come under pressure.”
The Guardian covers the latest tests by Ocado of a robot hand that can pick and pack fruit and vegetables. The move could reduce its reliance on thousands of warehouse workers, the paper says.
The Times writes that an American buy is the perfect filling for sandwich maker Greencore, which recorded a strong first quarter, only months after it struck a “transformational” deal to acquire Peacocks. Greencore also warned it faced higher labour and raw materials costs this year but says it remains confident of meeting full-year expectations (The Financial Times).
The Roe & Co name is to be revived by Diageo after almost a century in move to enter the premium Irish whiskey market with the launch of a blended whiskey (The Times). The group will be building a new €25m (£18.6m) distillery over the next three years, subject to planning.
A criminal investigation has been launched into suspected product tampering after the discovery of a battery inside a hollow milk chocolate Easter bunny sold at the Co-op, The Guardian reports.
Nando’s put paid to any rumours of a potential IPO on the London Stock Exchange, The Times reports. Responding to a Bloomberg report that the company was weighing up a London listing, a spokesman said: “The speculation about a Nando’s IPO is incorrect, nor are [the owners] currently considering fundraising. Nando’s is a privately owned business that is still owned by the entrepreneurs who set up the business in the first place.”
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