Key facts
- Ocado is in discussions with multiple retailers in the U.S.
- The company is seeking new partners in the U.S. market.
- Ocado's half-year earnings were boosted by one-off termination fees.
- Ocado maintained its forecast for cash flow to turn positive in the current six-month period.
British technology and online grocery group Ocado announced it is actively pursuing new business in the United States, engaging in discussions with multiple retailers. This strategic focus comes after its partners Kroger in the U.S. and Sobeys in Canada recently closed robotic customer fulfillment centers due to weaker-than-expected demand. These closures have contributed to a 36% decline in Ocado's shares over the past six months. The company is now presenting "significantly evolved solutions" to potential U.S. partners. Despite a 12% drop in half-year adjusted earnings to £81 million ($109.63 million) when excluding one-off termination fees, Ocado reiterated its forecast for cash flow to become positive within the current six-month period and for the full year next year.