Ocado share price falls as retailer confirms around 1,000 jobs losses

5 hours ago

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Ocado is axing approximately 1,000 jobs globally, representing about 5% of its workforce, with two-thirds of these redundancies impacting its UK operations, primarily at its Hatfield headquarters.
The job cuts are part of a wider restructuring initiative designed to slash technology and support costs by around £150 million by 2026.
This restructure includes scaling back research and development (R&D) and merging Ocado Solutions and Ocado Intelligent Automation into a single division.
Ocado's UK online grocery joint venture with Marks & Spencer is not affected by the current restructure.
The announcement follows Ocado reporting widened pre-tax losses for the year, despite a bottom-line profit due to a gain in the value of its share in Ocado Retail, which led to an 11% fall in its shares.