Ocado - comment

Results were ahead of our expectations, and despite the slowdown in the CFC rollout, they are encouraging. Revenue at the M&S JV was higher than forecast, but margins are still lagging. The better top line will relieve Ocado as it negotiates with M&S regarding a valuation of the business. More modules online for a full year pushed higher technology revenue and margins up. The impact of scale is beginning to flow through in the Technology business quicker than expected. Operating cash flow aligned with our forecast, excluding the £49m AutoStore settlement. Capex was £100m lower than we originally forecast as the CFC rollout slowed. We will update you after the call today.