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Home Business News Ocado shares fall after fault of fire is revealed

Ocado shares fall after fault of fire is revealed

by Peter Smyth Tech Journalist
29th Apr 19 2:11 pm

On Monday shares in the online grocer Ocado slumped after it emerged that an electrical fault caused the automated warehouse fire in Andover.

Shareholders were given a circular that reiterated their previous statement, the reasons for the fire do not pose any threat to the company’s business model.

The fire was caused by an electrical fault on one of the first generation battery charging units, this caused the plastic lid to catch alight.

The impact of the fire at Ocado’s Andover customer fulfilment centre, impacted the equivalent to 1.2% of sales in February.

The company missed out on around £4.5m of income and their growth would have been 12.4%.

Shares fell 5.4% at midday trading.

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