MoneyAM MoneyAM
 Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Research   Share Price   Awards   Indices   Market Scan   Company Zone   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Stock Screener   Forward Diary   Forex Prices   Director Deals   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Videos   Comparison Tables   Spread Betting   Broker Notes   Shares Magazine 
You are NOT currently logged in

 
Filter Criteria  
Epic: Keywords: 
From: Time:  (hh:mm) RNS:  MonAM: 
To: Time:  (hh:mm)
Please Note - Streaming News is only available to subscribers to the Active Level and above
 


Ocado upgrades full year expectations, announces acquistions

StockMarketWire.com

Online grocery delivery firm Ocado has upgraded its full year earnings expectations after reporting strong demand from its Ocado Retail joint venture with Marks & Spencer.

Ocado said trading remained strong through the fourth quarter of the current financial year, with the firm continuing to see high demand as consumers migrate to online grocery in record numbers.

As a result of this strong performance, the firm now expects full year EBITDA for the group to be over £60 million, versus previous guidance of over £40 million.

Meanwhile the company has also announced two acquisitions, having agreed a deal to buy advanced piece-picking robotics company Kindred Systems for $262 million, and robotic-arm designer and manufacturer Haddington Dynamics for $25 million.

Tim Steiner, CEO of Ocado, said, 'We consider the opportunities for robotic manipulation solutions to be significant, both for Ocado Smart Platform clients and across the fast-growing online retail and logistics sectors.'

He added, 'Given the market opportunity we want to accelerate the development of our systems, including improving their speed, accuracy, product range and economics.

'I am delighted to be welcoming Kindred Systems and Haddington Dynamics to the Ocado group, as we believe they have the capabilities to allow us to accelerate delivery, innovate more, and grow faster.'



Story provided by StockMarketWire.com