Jul 10, 2018

Ocado bosses on course for £9m payday after shares soar

Ocado's top bosses are on track to share more than £9m in bonuses this year after the online grocer's share price soared on the back of deals it signed to build robot-operated warehouses for international retailers. "At today's share price, we expect additional management incentive charges of circa £9m during the 2018 financial year largely due to recent share price performance," Ocado said. Ocado's four top directors, whose bonuses are pegged to how the grocer's shares perform, earned just £482,000 between them last year from their share plans as the retailer became a top target for short sellers who were betting the stock price would fall. Ocado has spent years developing battery-powered robots that eliminate much of the human labour involved in picking items off of warehouse shelves, which could be crucial to the profitability of logistics operations that underpin the retailing of low-priced goods. Sales in Ocado's retail business rose 12 per cent to £737m. Ocado chief executive Tim Steiner explained the half-year loss by saying "This is a transformational period for Ocado."

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