Ocado Group (OCDO)

Sector:

Food Pharmacy Retail

Index:

FTSE 100

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1,200.00p
   
  • Change Today:
    -4.50p
  • 52 Week High: 1,435.00
  • 52 Week Low: 749.80
  • Currency: UK Pounds
  • Shares Issued: 698.03m
  • Volume: 810,516
  • Market Cap: £8,376m
  • Beta: 0.04

Ocado makes ?17m investment in vertical farming industry

By Michele Maatouk

Date: Monday 10 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Ocado shares rallied on Monday after the online grocer said it was making a £17m investment in the vertical farming industry.
The company said it has formed a joint venture, Infinite Acres, with vertical farming participants 80 Acres Farms and Priva Holdings. Each of the parties will hold a third of the equity in the JV. Acres Farm is based in the US, while Priva is based in the Netherlands.

In addition, Ocado has bought a 58% stake in Scunthorpe-based Jones Food Company, which is the largest operating vertical farm in Europe.

Vertical farming is the practice of producing food in vertically stacked layers, vertically inclined surfaces and/or integrated in other structures. Its benefits include low wastage, the usage of less water and the need for smaller land areas.

Chief executive officer Tim Steiner said: "We believe that our investments today in vertical farming will allow us to address fundamental consumer concerns on freshness and sustainability and build on new technologies that will revolutionise the way customers access fresh produce.

"Our hope ultimately is to co-locate vertical farms within or next to our Customer Fulfilment Centres (CFCs) and Ocado Zoom's microfulfilment centres so that we can offer the very freshest and most sustainable produce that could be delivered to a customer's kitchen within an hour of it being picked."

Numis, which rates Ocado at 'buy', said: "These investments present an opportunity for Ocado to leverage its technologies in a related industry whilst building expertise in vertical farming with a view to co-locating facilities with CFCs."

At 1140 BST, the shares were up 3% at 1,147p.

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Ocado Group Market Data

Currency UK Pounds
Share Price 1,200.00p
Change Today -4.50p
% Change -0.37 %
52 Week High 1,435.00
52 Week Low 749.80
Volume 810,516
Shares Issued 698.03m
Market Cap £8,376m
Beta 0.04

Ocado Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
39.4% below the market average39.4% below the market average39.4% below the market average39.4% below the market average39.4% below the market average
7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average
Price Trend
91.34% above the market average91.34% above the market average91.34% above the market average91.34% above the market average91.34% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income Not Available
Growth
15.78% below the market average15.78% below the market average15.78% below the market average15.78% below the market average15.78% below the market average
53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average

What The Brokers Say

Strong Buy 4
Buy 1
Neutral 4
Sell 1
Strong Sell 5
Total 15
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Ocado Group Dividends

No dividends found

Trades for 23-Aug-2019

Time Volume / Share Price
16:46 22,618 @ 1,218.96p
16:45 20,000 @ 1,213.72p
16:35 307,099 @ 1,200.00p
16:29 140 @ 1,206.50p
16:29 82 @ 1,206.50p

Ocado Group Key Personnel

CEO Tim Steiner
COO Mark Richardson
CFO Duncan Tatton-Brown

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