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Ocado story sours again
Shares in online supermarket Ocado (OCDO) soured as full year results (6 Feb) revealed a return to a pre-tax loss and a warning that 2018 profits will be pegged back by ongoing investment spend to ‘accelerate’ growth opportunities.
Ocado also announced a 5% placing which in the scathing words of Shore Capital analyst Clive Black, ‘reflects the magnitude of cash burn for its NASA-like projects; high in technological detail but one just never sees their benefit from Planet Earth’. (JC)