Ocado delivers first profit of £7.5m but cuts bonuses by 40 per cent

first_imgThursday 12 February 2015 9:28 pm Share Express KCS whatsapp Tags: City bonuses Company employment and wages Ocado Group UK jobs Show Comments ▼ Grocery delivery service Ocado reported its first profit yesterday, of £7.5m for 2014, up from the £5.1m loss in 2013, although top executives had their bonuses slashed by around 40 per cent.Executive directors only reached half their targets, resulting in total bonuses paid dropping nearly £800,000 compared to 2013 totals.Group sales went up by 20.4 per cent to £1.03bn, £972m of which were retail sales, while revenue also grew, by 19.8 per cent to £949m.Chief executive Tim Steiner, said: “We believe the grocery market remains subdued. Moreover, during the period there has been more emphasis placed on price initiatives in the market by the major supermarket groups, to counter the growing threat from discount operators which is exacerbating the decline in supermarket store sales.”Steiner said these initiatives had greatest impact on prices of “certain key value items”. Read This NextBill Maher Pokes Fun at Joe Manchin: He’s a ‘Democrat Except on Matters ofThe Wrap’No Sudden Move’ Film Review: Steven Soderbergh Very Stylishly OverplaysThe WrapAzealia Banks Blasts Candace Owens’ Juneteenth Diss With Callback toThe WrapWATCH: Pittsburgh Pirates hold off Cleveland Indians to snap 10-game skidSportsnautFrom ‘Ratched’ to ‘Halston’: One Editor’s Literal Double TakeThe WrapDave Portnoy, Founder of Barstool Sports, Briefly Suspended From TwitterThe Wrap’Pride’ and Joy: How the FX Docuseries Examines LGBTQ+ Life Through theThe Wrap35 of TV’s Best Father Figures Who Weren’t Actually Dads, From Mr.The WrapHow ‘Silence of the Lambs’ Inspired Elisabeth Moss’s Directing inThe Wrap Ocado delivers first profit of £7.5m but cuts bonuses by 40 per cent whatsapplast_img read more