Full Year 2024 Ocado Group PLC Earnings Call Transcript
Key Points
- Ocado Group PLC (OCDDY) reported a 14% increase in group revenue, reaching GBP3.2 billion.
- Adjusted EBITDA tripled to GBP153 million, marking a significant improvement in profitability.
- The company achieved a GBP249 million improvement in underlying cash flow, surpassing initial guidance.
- Ocado Group PLC (OCDDY) maintains strong liquidity with over GBP1 billion, including cash and access to a revolving credit facility.
- The company is making strides in technology solutions, with recurring revenues now representing 84% of total revenues for this segment.
- Growth across global CFCs is behind expectations, necessitating a focus on accelerating growth and efficiency.
- Interest costs are expected to rise due to the introduction of a high-yield bond.
- The company faces challenges with some CFC sites requiring a different strategic approach to realize full value.
- There is a delay in the go-live dates for some CFC sites, such as those in Phoenix and Charlotte, now expected in early fiscal '26.
- Ocado Group PLC (OCDDY) is experiencing a slower build of modules and CFCs, impacting the anticipated inflection point in growth.
Well, good morning, everyone, and welcome to the Ocado Group fiscal year '24 full results presentation. A new face to you here. I'm Adam Warby, delighted to have joined as the new Chair of Ocado Group. I'd first like to start by just paying tribute to my predecessor, Rick Haythornthwaite, and Rick's strong leadership and counsel to both the the Board and to leadership was certainly extremely valuable during his tenure. And we wish him luck in his new endeavors as he moves on.
For me, the first few months have been absolutely fascinating and engaging. This is certainly a business with visionary leadership, world-leading products, and a lot of depth of talent. And of course, we've got outstanding partners that number some of the largest and most prestigious names in the global logistics and grocery business, and these are credentials that any business would be very glad to have. And of course, we're determined as a Board and a leadership group to make sure that we take advantage of that strong position.
So today, we're going to be reporting a business
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