Government brings British Steel under public ownership; UK economy grows 0.1% in May – business live

Rolling coverage of the latest economic and financial news

More action over in the FTSE 250: Ocado shares have slumped 10% this morning after the online grocer reported a set of half-year results that failed to excite investors.

Richard Hunter, head of markets at the broker Interactive Investor, said that many investors had “lost patience” with the business.

There is little doubt that the underlying robotic technology for packing shipping orders is cutting-edge, impressive and efficient, with automated bots scuttling seamlessly within a preset grid. However, rolling out this CFC (Customer Fulfilment Centre) offering to partners has brought its own challenges, with the international expansion on which the group was relying failing to materialise in a meaningful enough way.

…From an investment perspective, there remains a mountain to climb. Recent news that the CEO will be departing, albeit not until a replacement is found in time for the beginning of fiscal 2028, adds another level of uncertainty which could exempt even more investors from entering the fray.

ABB has followed Rotork over many years , and we admire the execution excellence, engineering quality, and customer trust that Rotork’s teams deliver each day. We are convinced of the compelling strategic fit of the transaction.”