on Tuesday that this year’s EBITDA would be around 30 million pounds below the 90 million pounds pencilled in by analysts. Chief Executive Tim Steiner is splashing the cash on robotic tech but with no sign of new contracts with supermarket chains. Ocado shares fell 11%.
When it comes to disappointing investors, Ocado has form. In 2019, losses more than quadrupled after a depot fire and an unexpectedly hefty bill to convert warehouses to be run by robots. Its current troubles look more existential. Many prospective Ocado clients are grappling with soaring costs. Cutting investment in snazzy online offerings is a logical consequence, especially now that the threat of Covid-19 is receding. In that case, the delay to investors’ payday could be indefinite.
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