Ocado - comment

Ocado will be relieved that its UK JV with M&S has returned to growth and will be above EBITDA breakeven by FYE23. It will ease tensions at the contingency payment meetings between M&S and Ocado (over the 50% stake M&S already has).  We continue to expect M&S to buy out Ocado and take control of the JV in 2024. The Luton facility continues to ramp up quickly as orders are moved from Hatfield. Currently, Luton is operating at 300 units per hour => a capacity of >50k a week. However, by year-end, capacity is expected at 65k a week.