Today’s news in brief-16/7/24
Ocado Group reported a significant improvement in financial performance for the first half of the fiscal year ending 2 June 2024. The company narrowed its losses to £154m from £290m in the same period last year. Group revenue rose by 12.6% to £1.5bn, driven by strong growth in its technology solutions arm (+22%), logistics (+6%), and retail (+11%). Adjusted EBITDA surged to £71.2m, marking a substantial increase from £16.6m last year.
B&M Retail reported a 2.4% increase in group revenues for the first quarter ending June 29, 2024. Despite challenges such as the timing of Easter and unseasonal weather, the company achieved UK like-for-like sales growth of 3.5%. B&M credited this performance to disciplined store openings and strong operational standards across its home, electrical, and pet segments. The retailer remains confident in its full-year outlook, expecting profitable growth supported by a robust store expansion plan and strategic product offerings.
Tala secured a £5m investment aimed at fuelling its international expansion, particularly in the US market where it has garnered significant traction. The funding, led by Pembroke VCT and existing investors, reflects confidence in Tala’s growth trajectory. The brand plans to utilise the capital to diversify its product range, strengthen its market position, and explore physical retail opportunities. Tala has experienced substantial revenue growth, expanding into new categories and markets while maintaining profitability.
Sosandar reported a revenue increase to £46.3m for the fiscal year ended March 31, 2024, up 9% year-over-year. The company emphasised margin enhancement and profitability, achieving a gross margin of 57.6% for the year. Sosandar anticipates further revenue growth in FY25, projecting revenues to reach £54.6m with a pre-tax profit of £1m. The retailer is focused on sustainable growth and profitability, leveraging its online platform and upcoming physical stores to expand its customer base.
Greggs announced plans to open a new national distribution centre in Kettering, scheduled to become operational by the first half of 2027. Spanning 311,551 sq. ft., the facility is a key part of Greggs’ strategy to expand its supply chain and support its growing store network across the UK. The new centre, designed with sustainability in mind, aligns with Greggs’ commitment to achieving Net Zero Carbon in Construction standards.
