Ocado Group Plc (OCDGF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Very good. Good morning, everyone. Welcome to Ocado's first half results. Tim and Stephen are going to lead you through the operational and the financial milestones of the period, and then we'll go on shortly thereafter to talk about the progress that we've made in improving cash flow and growing profitability. not only in technology solutions but in retail as well, and then how we've been improving in the rolling out of CFCs around the world. What we're pleased to be able to say, again, is that online is the fastest-growing grocery retail channel. And, you know, as Ocado, as you well know, we have... Proven technology, constant innovation that we can feed into clients, those clients looking to find solutions for growing e-commerce. As a board, what we've been particularly encouraged to see over the past half year and before that is the work we are doing to help our clients manage that tough but crucial transition to being a growing, profitable, multi-channel retailer. And that transition actually requires incredibly patient and close collaboration. And as you all know, we've taken some very significant organizational and process steps that are absolutely essential to help manage that transition. As a result, we actually have a very high conviction that it's going to pay off, that we will see accelerating growth and profitability over time. Meanwhile, I think from a Cardo standpoint, we still bring the cash and the cost discipline, and you combine that along with the economics of the CFCs that are in existence, we have a growing confidence of a clear trajectory to cash flow break-even in the second half of 2026. And with that, Tim, I'm going to hand over to you to take us through the results. Thanks, Rick. Okay, so let's move on to the highlights. Clicker, here we go...