Ocado’s (OCOD) first quarter update provided little for investors to get excited about, with a long-promised deal (originally billed for 2015) to run the online business of a big overseas retailer remaining elusive.
What news there was from the grocery-delivery firm did provide a bit of encouragement. The number of orders per week were up 16.7 per cent in the three months to the end of February, which helped offset further, albeit slowing, declines in the value per order (down 1.6 per cent to £110.84). Price inflation has begun to have an effect and should help lift order size this year. Meanwhile the year-on-year growth rate remained the same as the previous three months at 13.1 per cent. However, all said, we see little from the company that is likely to put an end to the grinding share-price attrition since its 617p peak three years ago.
