Dan Coatsworth, head of markets at AJ Bell, said: “Once you remove one-off fees linked to the closure of customer centres, it’s clear that Ocado is running in quicksand. The joint venture with Marks & Spencer looks healthy, but that is not its bread and butter.
“Following boardroom drama about long-term succession plans, Ocado needs to regain its mojo and find a new way to drive sales and earnings. Scrapping exclusivity clauses in most of its overseas markets theoretically gives it a chance to woo new customers. It just needs to close more deals to help convince the market the business isn’t a busted flush.
“Ocado’s challenge is to do things on a bigger scale and with greater momentum.
“Investors have been waiting an eternity for financial results that show clean profit and substantial cash flow. Instead, there is a set of accounts that mention the word ‘adjusted’ 90 times.
“To call the results messy is an understatement. This reflects a business that continues to take one step forward and one step backward.
“The market hates the latest results, sending the share price to a 13-year low.”
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