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Ocado set for FTSE demotion as shares fall

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Ocado is facing relegation from the FTSE 100 index as its share prices dropped even further.

The online-only grocer’s market value has more than halved in the past year and is expected to fall into the FTSE 250, data has revealed.

This comes as Ocado reported wider losses of around £501 million, an increase from £177 million the year prior, and topped the Financial Conduct Authority’s list of ‘most-shorted’ stocks in London.

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Its retail business also suffered a £4 million annual underlying loss for the year.

Last month, the company also announced the closure of its oldest distribution centre placing 2,300 jobs at risk.

At the time, CEO Tim Steiner said: “As the online grocery channel grows, our new, enhanced fulfilment centres and technologies will drive a step change in customer experience and efficiency.

“With this capacity coming online, now is the right time for us to halt operations at our oldest facility at Hatfield and consider our future options for the site. customers will continue to enjoy the same outstanding standard of service throughout the region, which will further improve as the benefits of our new technologies are deployed across the network.”

However, recently over 30% of its shareholders voted against bumper bonuses and pay for bosses, as it was Steiner was handed a pay packet of around £2 million last year.

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