Ocado boss Tim Steiner shrugs off threat from Amazon

Ocado boss Tim Steiner has said the firm could cope with Amazon muscling in on the online groceries market as he played down rumours Amazon is preparing a takeover bid.

Internet marketplace giant Amazon launched its Pantry food service here last year, and there has been speculation about it bringing its fresh foods service to the UK.

As he reported a sales surge, Steiner refused to be drawn on takeover speculation but said: “Every competitor is a threat. But we are confident we can hold our own with any competitor, including Amazon.”

Steiner added that international partnerships are still on the cards for the company which is popular with the British middle classes, despite not signing a deal in 2015 as planned.

Revenue rose to £1.1 billion in the year to November 29, from £948.9 million in 2014. Pre-tax profit jumped 65% to £11.9 million.

The shares rose 7p to 270.3p.