TIDMOCDO
RNS Number : 2995Z
Ocado Group PLC
14 December 2017
Ocado Group Plc
14 December 2017
Trading Statement
Continued progress at CFC3; Ocado Solutions deal signed with
Groupe Casino
Ocado Group plc ("Ocado") today announces its trading statement
for the 14 weeks to 3(rd) December 2017.
Highlights
- Growth in Revenue (Retail) of 11.6%
- Good progress made in improving resiliency at our state of the
art facility at Andover (CFC3). Average
orders per week at CFC3 up 50% since beginning of quarter
- Overall, average order size stable as inflation picks up,
offsetting slight increase of order frequency
as more customers take up Ocado Smart Pass
- Announcement of international partnership between Ocado Solutions and Groupe Casino
Key financials
14 weeks 14 weeks Growth(4)
to to
3 December 4 December
2017 2016
===================== ============ ============ ==========
Revenue (Retail)(1) GBP373.8m GBP334.8m 11.6%
Average orders
per week(2) 280,000 252,000 11.1%
Average order
size(3) GBP106.11 GBP105.83 0.3%
===================== ============ ============ ==========
As at 3 December 2017 the Group had cash and cash equivalents of
GBP150.0 million and external borrowings(5) of GBP285.2
million.
Tim Steiner, Ocado's Chief Executive Officer, said:
"We are pleased to report another quarter of progress in both
our retail and Ocado Solutions businesses.
"We are delighted that Groupe Casino chose to partner with Ocado
Solutions to develop its online food business and we remain
confident in our ability to sign more deals such as this in the
medium term. We are also encouraged by the progress we have made
ramping up capacity at our revolutionary Customer Fulfilment Centre
in Andover which has supported further growth in our retail
business in the UK. Over the last few weeks, we have processed over
50% more orders per week through the Andover facility compared to
the beginning of the period. We are making good progress with the
resiliency issues we highlighted with the third quarter results and
although there is still work to do we are on track with our
plans.
"While we continue to report sector leading double digit sales
growth in our retail business, a shortage of capacity, with the
lack of drivers in certain locations being the largest factor,
restricted our sales growth. While this driver shortage has now
been largely resolved, there was some short term impact on average
orders per week over the period.
"We continue to work towards the opening of our fourth CFC, in
Erith, South East London, in 2018. At scale, Erith will be able to
process an additional 200,000 orders per week. Building scale and
capacity in the UK will support the sustainable growth of our
retail business, enabling us to take further market share in online
grocery, and we look forward to the coming year with
confidence."
Adoption of segmental reporting
In order to provide greater clarity on the split between Ocado
Retail and Ocado Solutions, Ocado Group will, from the publication
of FY17 results, be introducing segmental reporting of sales and
EBITDA. The Group will be hosting a call on the 18(th) of January
2018 when it will publish historic numbers for each segment to
enable analysts and investors to prepare their numbers
accordingly.
Ocado will be hosting an analyst conference call at 7.30am
today. Please dial +44 3333 000 804, Participant pin code:
51284112#. A replay facility can be accessed on: +44 3333 000 819
with the following conference pin required: 301214671# for 90 days
following the announcement.
Contacts
-- Duncan Tatton-Brown, Chief Financial Officer, on 01707 228 000
-- David Shriver, Director of Communications, on 01707 228 000
-- Michelle Clarke or Susanna Voyle at Tulchan Communications on 020 7353 4200
Notes
1. Revenue (Retail) comprises revenues from Ocado.com, Fetch,
Sizzle, Fabled and our wholesale partnerships.
2. Average orders per week refers to results of Ocado.com, Fetch, Sizzle and Fabled.
3. Average order size refers to results of Ocado.com.
4. Growth percentage calculated on a rounded basis.
5. Gross debt excluding the finance lease payable to MHE JV Co.
6. Customers' total average basket, including standalone Fetch,
Sizzle and Fabled orders and our wholesale partnership sales,
increased by 0.3% to GBP103.56.
7. The figures used in this announcement are unaudited.
8. Ocado now has a 5-4-4 week reporting model, with each quarter
normally representing a 13 week reporting period. As 2017 has 53
weeks, this release includes 14 weeks performance with the
comparative information for 2016 restated accordingly.
9. A copy of this trading update is available on www.ocadogroup.com.
Cautionary statement
Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations and
assumptions and are subject to a number of risks and uncertainties
that could cause actual events or results to differ materially from
any expected future events or results expressed or implied in these
forward-looking statements. Persons receiving this announcement
should not place undue reliance on forward-looking statements.
Unless otherwise required by applicable law, regulation or
accounting standard, Ocado does not undertake to update or revise
any forward-looking statements, whether as a result of new
information, future developments or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTOKNDPDBDBBBD
(END) Dow Jones Newswires
December 14, 2017 02:00 ET (07:00 GMT)
Ocado (LSE:OCDO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ocado (LSE:OCDO)
Historical Stock Chart
From Apr 2023 to Apr 2024