- Net debt up by £142mn
- Capex pared back
Ocado (OCDO) shares were boosted by a third on 22 June after media rumours of takeover interest hit the market, with talk of potential involvement from Amazon (US:AMZN). Given the subsequent denial from the technology giant, and no mention of any bid in these half-year results from Ocado’s management, the uplift seems to have been built on flimsy foundations. Shore Capital's head of consumer research, Clive Black, said that the episode, which swayed investors “to buy into a bid story that does not exist, does not reflect well all round”.