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Ocado Group's (OCDGF) CEO Tim Steiner on Q2 2017 Results - Earnings Call Transcript

Jul. 05, 2017 11:30 AM ETOcado Group plc (OCDGF)
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Ocado Group plc (OTCPK:OCDGF) Q2 2017 Earnings Conference Call July 5, 2017 4:30 AM ET


Stuart Rose - Non-Executive Chairman

Duncan Tatton-Brown - Chief Financial Officer

Tim Steiner - Chief Executive Officer


Andrew Gwynn - Exane

Stewart McGuire - Credit Suisse

Bruno Monteyne - Sanford C. Bernstein

James Tracey - Redburn

Niamh McSherry - Deutsche Bank

Rob Joyce - Goldman Sachs

Daniel Ekstein - UBS

Francois Halconruy - Morgan Stanley

Stuart Rose

Good morning, everyone. Nice, bright, sunny day in London. Welcome to the half-year results for Ocado for the 26 weeks ending 28 May.

I’m Stuart Rose. I’m the Chairman. You'll have to put with me for a very short period of time as I’m going to hand you over to the usual presentation from Duncan and from Tim.

But just a couple of comments as headlines. Growth continues to go pretty well both for Morrisons and for Ocado. You'll hear from Duncan and from Tim about what we're doing to improve operational efficiency in a positive way. So, that's just work in progress as we keep doing, but it's moving in a positive direction.

You'll hear about Andover. Andover is scaling up. Some of you have been there, I think. But it is an impressive site. And for those of you who haven’t been there for some time, if you were to go tomorrow, you'll find there's a big step change from where we were before.

And the good news is, in the recent weeks that we've announced our first international deal, which I’m sure Tim and Duncan will comment on.

And perhaps more important from me, as you all know, so I’m not going to even teach you – or begin to teach you how to suck eggs. The world is changing. I came back from Dubai last night where not

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