Wednesday, May 22, 2019

Senior execs at Ocado to receive nearly £8m in bonuses


Ocado‘s management team is set to receive nearly £8m in share bonuses after the online grocer recorded its second consecutive year of profits.

Aroung 100 managers, including CEO Tim Steiner and Finance Director Duncan Tatton-Brown, will share the £7.8m payout.

Sales rose 14.7% to £1.1bn in the grocer’s full-year results, helped by almost £74m in revenues from supply services to the online arm of Morrisons‘.

Steiner said Ocado had attracted more customers in a “very challenging market environment” where it was forced to reduce prices amidst a price war among the big four supermarkets.

“The continued enhancement of Ocado‘s industry-leading technology and investment into our retail proposition over the course of the year has meant our customers now have greater choice, competitive prices and consistently high order accuracy and on-time delivery,” he said.

Steiner said he could not promise that the company would make a profit every year from now on. He said a second year of profits was “certainly not a strategic target” as the company was investing in building its business for the longer term.