Ocado shares soar after it seals Groupe Casino deal
29 Novembre, 2017, 00:21 | Auteur: Auguste Feret
Shares in Ocado jumped on Tuesday after the online grocer announced an worldwide tie in with France's Casino Guichard.
An Ocado truck returns to the Ocado depot in Hatfield, southern England July 21, 2010.
Shares in Ocado leapt on news of the partnership.
Ocado's shares jumped to their highest level since the company signed a separate deal with another unnamed retailer in June. In early trade on the London Stock Exchange, shares in Ocado were up 22.25% to 313.2p.
The latest deal gives Casino exclusive rights to use Ocado's robotics, online technology and delivery software in France.
Ocado's chief executive Tim Steiner said: "We believe that the scalable, modular end-to-end solutions provided by the Ocado Smart Platform will allow retailers such as Groupe Casino to build their online grocery offer in a way that is profitable and sustainable, creating value for customers, suppliers and shareholders".
Amazon's expansion into the grocery business has fuelled concerns about intense competition in the sector.
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Jean-Charles Naouri, chief executive of Groupe Casino, said: "Groupe Casino is pleased to announce the agreement with Ocado Group which will allow it to develop an integrated customer and logistics platform, considered the best in the market".
Using the system, which will see the development of an automated warehouse, and the implementation of front-end website functionality and last-mile routing management, Groupe Casino will seek to increase its offering and reduce costs through its online channels.
In a statement Ocado said the agreement: "sets out plans for the immediate initiation of the development of a customer fulfilment centre using Ocado's proprietary mechanical handling equipment to serve the Greater Paris area, the Normandie and Hauts de France Regions". The centre is expected to take two years to build and fit out with Ocado's own technology.
Investors cheered and chased Ocado's shares up by nearly a quarter, hedge funds lost about £75m on their short positions and boss Tim Steiner was presumably doing victory laps while at home on paternity leave.
Ocado started out life delivering food from upmarket grocer Waitrose but has since struck a deal with Morrisons.
Ocado also said that it expects the deal to "create significant long term value to the business".
Ocado said it expected to incur additional capital expenditure of 15 million pounds next year, with further capex in future years.
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