Premarket London: Ocado Hits Paydirt in Japan

© Reuters. — Here is a summary of regulatory news releases from the London Stock Exchange on Friday, 29th November. Please refresh for updates.

  • Ocado (LON:) said it signed up a big new international customer for its Ocado Smart Platform technology.
  • It’s agreed a strategic partnership with Aeon, Japan’s largest retailer, to develop the latter’s online grocery business in Japan. It intends to build a network of fulfilment and service centers with a sales capacity around 600 billion yen ($5.5 billion) by 2030, growing to approximately 1 trillion yen by 2035.
  • Aeon will pay Ocado (LON:) certain upfront fees upon signing and during the development phase, then ongoing fees linked to both sales achieved and installed capacity within each new fulfilment center and service criteria.
  • The company expects some 25 million pounds in additional operating costs and “minimal” additional capital spending next year as a result, with most of the associated capex coming in the 18 months leading up to the opening of each fulfilment center.
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