The boss of Ocado has urged disgruntled shareholders to keep the faith as the group posted rising sales and narrower losses, writes Emily Hawkins.
Tim Steiner said investors should have belief in the online supermarket and technology firm despite shares falling almost 90pc in less than four years.
“I’m not concerned about investors losing confidence because they shouldn’t be losing confidence,” he declared. “We’ve got a clear plan and we’re executing that clear plan.”
Setbacks in the rollout of its robotic warehouses with overseas partners as well as concerns over progress at its joint venture with Marks & Spencer have set alarm bells ringing.
Even analysts at Bernstein, longterm supporters who described themselves as “one of the last bulls standing”, turned on the company this week and declared: “The jam tomorrow story is now less jam, more tomorrow.”
They cut their rating on Monday, sending Ocado shares down 10pc on its worst day in two …