AGM Statement

RNS Number : 3936E

Ocado Group PLC

10 May 2013

 



AGM STATEMENT

OCADO GROUP PLC
10 MAY 2013

Ocado Group plc

AGM Statement

"Continued progress as Chairman succession concludes"

At today's Annual General Meeting of Ocado Group plc (Ocado), the online supermarket, the company will make the following statement:

"Ocado has continued to make significant progress as the Chairmanship passes from Lord Grade to Sir Stuart Rose.

The company has continued to grow sales as it benefits from increasing loyalty and spend from existing customers and attracts new shoppers, supported by further expansion in customer demand for online grocery shopping.

In February 2013 operations commenced at Ocado's second Customer Fulfilment Centre at Dordon, Warwickshire, which opened on time and on budget, and provides the operational platform for significant future growth.

Ocado is in discussions with Wm. Morrison Supermarkets Plc (Morrison) which may lead to an agreement to facilitate Morrison commencing an online business in the UK. Any such agreement would be complementary to Ocado's existing partnership with Waitrose, which would be unaffected by any potential agreement with Morrison - product would continue to be sourced with Waitrose, and Ocado customers would continue to buy exclusively from the existing Ocado, Waitrose and branded ranges.

Ocado reconfirms that the arrangements under discussion do not involve Morrison acquiring either the whole of, or an equity stake in, Ocado. Discussions are ongoing, and there can be no certainty that an agreement will be reached. A further announcement on this topic will be made in due course.

The Board is encouraged by the progress of the business so far this year, and believes the company is well placed to exploit the fast growth in online grocery retailing."

ENDS

For further information, please contact:

Andrew Grant, David Shriver, Katharine Wynne at Tulchan Communications on 020 7353 4200

David Hardiman-Evans, Head of Investor Relations & Corporate Finance on 01707 228 000

 

END

 

 

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