As advertisements go, Ocado’s retail joint venture with Marks & and Spencer makes for a flimsy promotion for the “picking and packing” technology that it’s flogging around the rest of the market.
The grocery delivery specialist is suffering an almighty post-pandemic comedown, hastened by people tightening spending. The value and volume of goods bought by shoppers has fallen, pushing revenue for the retail business down almost 4 per cent over the last financial year and into an adjusted loss. The technology division that licenses warehouse and logistics technology to retailers remains a money pit. The result? Even after stripping out a heap of interest, taxes and other charges, group losses amounted to £74 million.
Timing is not the strong suit of Tim Steiner, Ocado’s boss,
