Feb 7, 2019

Ocado shares fall further after warehouse fire ignites investor angst

Shares in Ocado fell by 7 per cent as firefighters continued to battle the effects of a fire that broke out at the online retailer and technology provider's flagship robot-powered warehouse on Tuesday. Ocado, whose share price has fallen 15 per cent since Tuesday morning when the fire broke out at the site in Andover where it showcases the proprietary automated warehouse technology that it sells to retailers across the globe, said the Hampshire police had evacuated the "Immediate area" on Wednesday evening. Images shared on Twitter by Andover residents and local emergency services on Wednesday showed smoke billowing out of the entire roof area of the warehouse. Based partially on the success of Andover, Ocado has won contracts to build similar warehouses for Casino of France, Sobeys of Canada and Kroger of the US, with the deals contributing to a major run-up in its stock market valuation over the past year. The group said it had also sent Ocado vans with "Food, drink, nappies and other essentials" to Andover locals who were affected by the evacuation.

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