(Bloomberg) — Here’s the key business news from London-listed companies this morning:
Ocado Group Plc: The average basket size of the grocery delivery businesses’ customers were 15% lower than last year as consumers return to their pre-pandemic behavior and to the office, which in turn hit the company’s overall sales figures.
- Ocado’s retail arm has been working with suppliers to mitigate the effects of inflation, but it says it has had to raise some prices where costs can’t be controlled
Deliveroo Plc: The food delivery company set out its plans to breakeven by the first half of 2024, but first it must navigate an uncertain environment including inflation, changes in consumer behavior after the pandemic, and the impacts of the war in Ukraine.
National Express Group Plc: The travel company issued a rebuke to a rival offer for Stagecoach Group Plc, saying that its original all-share offer has an “illustrative look-through value” of up to 170 pence per share when compared with its pre-pandemic trading price.
Outside The City
Russian strikes continued to hit infrastructure and densely populated areas of cities, including another apartment building hit in Kyiv, Ukraine’s military said.
Meanwhile, the U.S. is close to a deal on legislation that would remove Russia’s “most-favored-nation” trade status. Yesterday, President Joe Biden called the Russian president a “war criminal” and offered offered $800 million-worth of new weaponry to Ukraine.
In Case You Missed It
The owners of the Chicago Cubs Major League Baseball team and hedge fund tycoon Ken Griffin are expected to submit a joint bid for Chelsea Football Club, while the Financial Times reported that Oaktree Capital Group LLC is also preparing an offer.
Meanwhile, British-Iranian aid worker Nazanin Zaghari-Ratcliffe returned to the U.K. on Wednesday, six years after she was detained by Iranian authorities.
Looking Ahead
Later today, the Bank of England will announce whether it’s raising its key interest rate in a bid to control surging price growth. The central bank is expected to hike rates for a third straight meeting today.
Tomorrow, pub chain JD Wetherspoon Plc will round off the week’s earnings.
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