Ocado directors denied bonus and pay rise

The etailer’s directors have been denied annual bonuses of up to £1m after problems at its Hatfield distribution centre last year hit profits, according to its annual report to November 27.

Ocado said intends to add “customer service based targets” to the existing sales growth, profitability and strategic goals for Steiner, Gissing and Abrams. They will not receive a pay rise.

Steiner took home £354,000, down on £574,000, Gissing £253,000, Abrams £203,000. Finance director Andrew Bracey, who leaves tomorrow, will receive £253,000.

The bonuses were not paid out because the group did not achieve “positive earnings before tax”, which overrode all the other targets attached to the potential payments.

Ocado made a loss of £2.4m during the 12-month period, an improvement on the £9.8m loss made a year earlier.