Ocado Group shares jump 38.57% to 654.6p on partnership with Lotte Shopping
Ocado Group said it has signed a partnership with Lotte Shopping to develop the latter's online business in South Korea with the Ocado Smart Platform.
The agreement plans for the development of a nationwide fulfilment network, with 6 customer fulfillment centres planned by 2028. The centres will cover multiple geographies and cater to a wide range of online grocery missions, Ocado explained.
Ocado plans to implement an in-store fulfillment solution in 2024, followed by the first of the customer fulfillment centers opening in 2025.
Tim Steiner, CEO of Ocado Group, commented:
"This partnership brings the Ocado Smart Platform, the most advanced technology for serving online grocery, to one of the most mature ecommerce markets in the world. I'm delighted to welcome Lotte to the innovative group of retailers developing their online operations with Ocado. With this new partnership, our unique, proprietary technology will now power the online businesses of twelve major retailers across ten countries worldwide."
Westminster Group shares fall 25% to 1.43p on lower revenue forecast
Westminster Group said it expects revenue to decrease by 1/3rd compared to market expectations for FY22, and pre-tax loss to be approximately half of FY21's £1.9m.
Westminster said the forecast downgrade was due to "slippage" of a multimillion GBP technology project for the MENA region. The company still expects to be awarded the contract this year, but is "running short on time to deliver and recognise revenues in 2022, and accordingly, depending on when the order arrives, some of this revenue is now likely to slip into 2023."
Osirium Technologies shares soar 72.73% to 4.75p on higher Q3 revenue
Osirium Technologies said bookings for the 9 months ended September 30 increased 56% to £2.5m (FY21: £1.6m). Cash eq on September 30 was £32K. Osirium said its customer base continued to grow in Q3 alongside an expansion of products and services to existing customers.
Osirium said healthcare, financial services, and higher education continued to represent key growth drivers supporting the company's year-on-year growth.
David Guyatt, Chief Executive Officer, commented:
"Our team continues to progress with great strides, in what has been another strong quarter for Osirium. We have maintained our focus on attracting new customers alongside expanding with existing customers, as evidenced by our significant, multi-year contract renewals with customers in the financial services and IT sectors previously announced in Q3."