"These changes reflect the lower structural cost base that we have signalled over recent years. Regrettably, this means a significant number of roles will no longer be required. We will support those impacted through this process. The measures are expected to generate annual cost savings of approximately £150 million."
"The reductions, equivalent to around 5 per cent of its global workforce, will fall heavily on the UK, with roughly two-thirds of the affected roles based domestically. Most of the cuts are expected at the company's headquarters in Hatfield, Hertfordshire, and will largely impact technology and support functions."
"For the year to 30 November, Ocado reported group revenues of £1.36 billion, up 12 per cent year-on-year. However, pre-tax losses at continuing operations widened to £377.6 million, compared with a £339.8 million loss the previous year."
Ocado Group is implementing significant workforce reductions of approximately 1,000 employees over the next year as part of a cost-cutting initiative to stabilize finances and restore investor confidence. The cuts represent around 5 percent of the company's global workforce of 20,000 employees, with roughly two-thirds of affected roles based in the UK, primarily at headquarters in Hatfield, Hertfordshire. Most reductions will impact technology and support functions. The restructuring is expected to generate annual cost savings of approximately £150 million. This announcement coincides with full-year results showing group revenues of £1.36 billion, up 12 percent year-on-year, yet pre-tax losses widened to £377.6 million. The job cuts follow strategic challenges including underperformance in international technology partnerships and setbacks with major partners like Kroger and Sobeys in North America.
Read at Business Matters
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