In the modern era, there are serval companies that are functioning in the market with different kinds of aims and objectives. With the advent of time and development of science and technology there has been development of online stores and this has enhanced the lifestyle of individuals. This paper concentrates on understanding the financial performance of an organization and in that understands the aims and objectives of the company that has been taken into consideration. The retail industry in United Kingdom is conquering the demands that are in aspect to the regulatory and technological transformations during the time of emphasising the transparency and bringing in innovation in the market as well as for the customers (Pappas, 2016). The nature of retail industry in United Kingdom has the capability to deliver products online over a distance and it comprises of logistics, distributors and warehouses. This paper therefore has selected OcadoGroup Plc as the organization and their financial performance for the past ten years would be assessed and analysed.
Ocado group Plc is a supermarket that operates in the UK. The firm like their rivals does not have chain of stores and undertakes home deliveries from their warehouses. This organization has been voted to be the best online supermarket in Unite Kingdom. The company is listed in the London Stock Exchange and their headquarters in Hatfield, Hertfordshire in United Kingdom. This firm primarily provides kitchen, pet and dining and beauty products under the name of Ocado Group Plc, Sizzle, Fetch and Fable names. The organization even engages in the monetization and development of intellectual technology and property that is utilised for the online logistics, retailing, distribution of grocery and consumer goods. Furthermore, it is associated in the insurance business as well. The firm was established in the year 2000. The key strategic objective of the firm has been to align with the interests of their stakeholders, investors and the customers in order to deliver long term value of the shareholders (Chang & Tseng, 2013).
The aim of this research is to analyse and evaluateOcado Group Plc’s financial performance over the last ten years by analysing few ratios to understand its overall performance and financial standing and thereby assess the various activities that has an influence on the financial performance of a firm. The aims and goal of the research have been given as follows:
There are several companies in the retail sector that are operating in UK. There has been an observation that most of the researchers have been taken place on the most renowned and branded companies. However, this paper looks to assess the financial performance of a firm, it is essential to select a firm on which very limited researches have been done so that a comparison with the market leaders can even be undertaken.
Ocado Group Plc has been operating in the market for a long time and has been changing their operational policies from time to time to the evolution and technology. The company has even diversified themselves in the online retail services for the past few years and therefore undertaking a comparison of their financial performance for the past ten years would be fundamental to understand how changes have made in their profit level as well (Ramanathan, Bentley and Pang, 2014).
The scope of the study involves the development of an effective research that could be influential for understanding the financial performance of Ocado Group Plc for the past ten years. The scope of the research looks to understand the various changes that have taken place during the course of ten years and how the operational activities have helped in the development of the company. For this purpose, an analysis of financial performance of Ocado Group Plc has been done from the past ten years published financial statement.
This projectconsists of the course that would be followed in order to complete the research in an effective manner and also consists of understanding the aims and goals of the research paper and the scope and limitations associated with this paper. The review of literature would explain the various issues that have been answered by other researcher in the previous time. The review of literature aids the researcher in following the process and understanding the variables that are associated with the financial performance of an organization. The research methodology explains the process in which the data are gathered and the variables that have been used for the assessment of the financial performance of the firm. The sample selection and the data gathering process and the assessment process of the financial data gathered from the annual report is even vital for the completing of the paper precisely.
This section of the paper mainly explains the researches done by previous researchers in similar topic to online retail industry. This section will undertake a comprehensive explanation on the practical and theoretical views of the earlier studies undertaken on online shopping in the retail sector. This is inclusive of the attractiveness on the prices, saving of time, risks that are perceived, excitement and enjoyment, increased interactivity and tangibility. These factors will evaluate the purchasing intention of the customers that is seen in online shopping.
Vlachos(2014)explained the purchasing intention as the encouragement of the purchase of the products. It is anticipated that the shoppers are more likely to relate the price attractiveness and time saving with their purpose to shop and on the other hand, in offline shopping the customers are more likely to relate with tangibility, enjoyment, increase interactivity with their purpose to shop. Therefore, the online retailers need to be aware of the issues faced by the customers and the risks to raise their intention to shop online. The designers require recording the needs of the consumers as the usability being the initial point to gain confidence and assistance of the consumers. The company has been striving towards growth and has their key strategies with respect to their various products and service offered by them.
Ocado Group Plc is an UK based online retailer and the principal operations of the company has been retailing of the grocery, monetization and development of Intellectual Property and the various technologies exploited for the intention of online retailing, distribution of grocery, consumer goods and logistics that have been derived from the various aspect of UK. Some various aspects have been explained as follows:
Grocery: in Ocado Group, the company has been concentrating on enhance every aspect of the consumer business with the help of quality of their services and interface of the user, the freshness of the product, the width and the availability of their level and competitiveness of their product prices (Amora and Duarte, 2015).
General Merchandise: The centralised operating framework of the firm has assisted in expanding their offer into the general merchandise categories (SafaeiGhadikolaei, KhaliliEsbouei and Antucheviciene, 2014). The general merchandise that are sold on Ocado.com and have dedicated s website that concentrates on unique range of products like for instance the pet stores, Fetch, the dining and kitchen store Sizzle and the new beauty offering Fabled which is partnership with Marie Claire.
Platform Business The sustainable investment and innovation in the integrated software and solutions of physical model that enhances a righteous growth cycle in the platform and retail business. The future base for the consumers will gain an advantage from the years of development and learning in a lively retail atmosphere in order to create a stable establishment or development to their online activities (Chen, Wang and Jiang, 2016).
The performance of Ocado Plc is understood with the help of the annual report which acts as window towards observing the performance of the firm. It gives a synopsis of the performance of the firm for an entire year. The annual report is examined by the shareholders, creditors, bankers and the debtors (Shen, 2014). The decisions that are financial and non-financial in nature are undertaken with help of assessing the annual report as it is regarded as most precise source of data in order to understand the financial health as well as the opportunities and threat associated with it (Shi et al., 2017).
A precise understanding of the financial statements is significant for the investment research and assessment, With the help of the financial disclosures, the firm discloses and provides effective data that can have an impact on the uses of the financial records in order to make accurate decisions. The financial performance of the firm can be understood by assessing the statement of income, statement of the financial scenario and the cash flow statement for the company (Piotrowicz and Cuthbertson, 2014). On the other hand, the non-financial performance refers to the Various social and productive activities like corporate governance that have been undertaken by the company in order to have them and captures the market in UK.
The market in UK has faced key degree of changes during the past few years as there have been an increase in the customer base for online shopping in UK and Ocado Group Plc has been a widely accepted company by the consumers. The number of members in their website has gone over 500,000. With the incorporation of the non-food products like the kitchen ware, it has offered valued choices to the customers because of the rise in the range of products. This reveals that the company has been able to satisfy the requirements of the customers. The firm has been able to retain their old customers and has even able to bring in new customers. With the help of these strategies the company has been able to transform themselves from loss making business to a profitable firm and this aspect has been understood with the assessment of their financial performance (Berg, 2014).
The UK Corporate Governance Code was updated by the Council of Financial Reporting in 2014. This code indicated to the reporting that is undertaken within the timeframe 1st October 2014 and does not apply to the firms that have their reporting ended on 30th November 2014. In order to ascertain the transparency along with the declarations the board has implemented certain provision. Ocado has therefore combined all the principles and the provisions in relation to the code of 2012. The aspects that have not been combined, are explicitly explained in the corporate governance statement and also in the Director’s Remuneration Report. The firm has tried to stay in line with the 2012 code and the firm looks to define how the practices are well tuned with the principles by looking at the provisions and give out a contribution to the corporate governance(Zentes, Morschett and Schramm-Klein, 2017).
The corporate governance report of the company is effectively constructed and framed as it concentrates on the major aspects like the functioning and structure of the board, the board’s soundness and connection with the company shareholders, furthermore, the report of the remuneration committee is even stated in the Director’s Remuneration Report. The risk associated with the firm and the internal control structure is generated as to how risks are managed. These section have been defined in the corporate governance statement that focuses in the fact that how effectively is the lucidness if the firm is maintained (Catlin, Scanlan and Willmott, 2015).
There has been a rise in the total asset base with the help of the property acquisition, equipment and plant and even the intangible assets and undertaking investments in joint ventures. The liabilities that are non-current in nature have risen due to the increase in the retained earnings and issues of shares with the help of which the closing equity has increased (Zentes, Morschett and Schramm-Klein, 2017). The financial performance and financial health of the company can be well understood with the help various ratios. The financial performance of the company would be assessed by looking at the profitability, liquidity and the efficiency ratio of the company with the help of the collected data.
A financial ratio demonstrates the connection between two sets of items on the income statement and balance sheet. Different sources of data are used to calculate these ratios, but the most obvious are the published financial statement (Posthumus, et al., 2000).
Profitability ratios show how a firm is utilizing its assets (Atrill, 2009). Profit margins reflect what the firm can hold in abundance to operation costs whereas, return ratios show what revenue firm produces for the capital provider. On based of this research the two ratios used to figure profitability are the return on capital employed ratio and return on asset andeach these will be examined thus.
Liquidity ratio assesses the capacity of an organization in order to create cash so that the immediate liabilities can be satisfied with flexibility and ease(Herman & Associates, 2011). The two liquidity ratios incorporate the current ratio and the quick ratio.
The efficiency ratios are even known as the Activity ratios or the Activity ratios or the Turnover ratio and it analysis the level of effectiveness with the help of which the company has been able to employ their assets (Khan & Jain, 2010).
The literature review looks to assess the financial and the non-financial performance of Ocado Plc and the results indicate that the company even though faced losses on their initial period of operations in the market has been able to turn themselves into profit making firm. The corporate governance structure has been framed with the codes that have been laid in UK and therefore assessment of the financial and non-financial performance indicates that the company has an effective policy that leads to effective performance of the firm for the past ten years. The company has enhanced their performance as they moved forward with time.
This section of the paper would try to assess the various areas and the sources that have been used in order to gather financial data and information regarding Ocado Plc. The research philosophy would explain the philosophy that has been chosen in order to gather the data and the reason why such data has been chosen in order to complete the research. The research approach and the research design would even be discussed in order to have an idea about the process that would be followed. The measurement and variables would even be explained along with the sample selection and the process of data collection(Vlachos, 2014). That figure below shows the six elements of the honeycomb.
The research philosophy involves “examining the nature of knowledge itself, how it comes into being and is transmitted through language” (Patton, 2009). As explained by Silverman (2016), the research philosophy has various traits of features, which are namely known as ontology and epistemology. In research, ontology alludes to the researcher’s convictions something like those way alternately truth(North, 2017). Typically, there are two main ontological choices: realism and idealism. Realism accepts common and social marvel have a presence that is free of the exercises of human observes (North, 2017). On the other hand, idealism accepts that the outer world is just appearances and has no free presence from our idea.
Epistemology will be characterized likewise those science about learning investigations from philosophical purpose about perspective(Horrigan, 2007). Positivism philosophy is one the basis of the continuation of reality by exploiting scientifically proved mechanism. Conversely, interpretivism philosophy is on the basis of gaining knowledge about the experiences and identification of individuals. On the other hand, Smith (2015) debated that positivism philosophy assists the paper to assess the information that is collected by exploiting the qualitative and quantitative processes. The realism philosophy is implied to the matters of the research paper. However, pragmatism philosophy is a combination of the philosophies of interpretivism and positivism for attaining increased preciseness in the outcome of the paper.
In this paper positivism philosophy has been applied in order to gain an idea about the financial performance of Ocado Plc and providing a positive result that would be useful for the completion of the paper in a precise manner.
This is one of the crucial mechanisms that is required for the generation of the generation of the paper in order to gain the research objectives. The research approach encourages the researcher to examine the benefits of undertaking the research and thereby discovering the data that would be useful for the attainment of precise outcomes (Brinkmann, 2014).The approach of the research consists of deductive and inductive and in this paper inductive approach has been taken into consideration as the researcher knows that this research would mainly rely in the secondary data that would be collected from the annual report of Ocado Group Plc. Quantitative data analysis would be undertaken as the financial data would be critically evaluated in order to gain the result that is desired for this paper.
The selection of the research strategy is reliant upon the absence and the presence of the measurement variables (Kogut and Fleck, 2017). It is reliant on the relation between the research and the theory that is in relation to the epistemological and ontological attitude of the research. This paper is a quantitative research as this paper deals with the gathering of the data and assessment of the same. The benefits of quantitative research are the simplicity of the analysis and generalisation from the sample.
The paper under consideration concentrates on dissecting the financial data of Ocado Plc in order to assess the financial performance of the company for the past ten years. Hence, in the current scenario, the researcher has made an effort to assess the financial performance of Ocado Plc by taking help of the annual report of the company. As a result, the researcher has implied the positivism philosophy by connecting the theories and frameworks that have been explained in the section of the literature review with the current circumstances (Wang, 2014). As the present paper concentrates on assessing the financial performance of Ocado Plc in detail. Positivism is the most precise philosophy for answering the financial data of the company. The researcher has not implied the other philosophies, as they are not reliant on models and framework that have been proved scientifically.
In the research methodology, research onion has a significant role to play in precisely making use of the most effective equipment for the research. Furthermore, the research, by taking assistance of the research onion, gains suitable outcomes for the paper.
The design of the research encourages the researcher to provide an explanation to the compelling outcomes that have been put forth by the paper with respect to the targets that have been pre-determined (Flick, 2015). By assessing the case study that is in relation to the assessing the financial performance of Ocado Group plc, it has been observed that longitudinal process is the appropriate option as it aids in the development of the strategies which acts as the general orientation in order to undertake the research.
Measured variable is the variable that can be subjected to a process of quantitative and measurement might be named measured variables. In completing this research, the researchers more often than not endeavour to apply the procedure of measurement for changing over the theoretical variables of their examination into the measured variable by evaluating them diverse numerical value (Mangal and Mangal, 2013).
Return on Assets (ROA): This ratio explains the profitability of the firm with respect to their total assets. It has been explained that the net profit after tax and dividends after the total assets. ROA=
Return On Capital Employed (ROCE): is defined as the income before income and tax that assesses the profitability of the firm in accordance to the capital employed. An increased return discloses more precise utilisation of the capital (Macht and Weatherston, 2014). An effective ROCE would be more than the cost of capital and thereby would mean that the firm is not utilising their capital in an effective manner and not creating value for the shareholders.
ROCE=
Liquidity
Quick Ratio: This ratio measures the company’s ability to pay its current liabilities when they come due with only quick assets.
Quick ratio =
Current Ratio: It is one of the most fundamental liquidity ratio. It quantifies the capacity of a business to reimburse current liabilities with current assets (Herman & Associates, 2011). Current ratio =
Efficiency
Inventory Days: This metric demonstrates how much stock (in days) is available. It shows how rapidly an organization can react to advertise and/or item changes.
Inventory Days =
Account Receivable Days: This number mirrors the normal time span between credit sales and payment receipt. It is essential to keeping up positive liquidity.
Account Receivable Days =
Account Payable Days: This ratio demonstrates the normal number of days that slip by between the purchase of material and labour and payment for them. It is anunpleasant measure of how convenient an organization is in meeting payment commitment (Brownlee, 2012).
Account Payable Days =
|
Variables |
Descriptions |
Proxy |
|
ROA |
Assessment of total assets of the company (Return on Assets). |
ROA = |
|
ROCE |
Profitability of long term capital investment (Return on Capital Employed). |
ROCE = |
|
QR |
Measure the ability of a company to meet its debt payments on short notice (Quick Ratio). |
QR = |
|
CR |
Compares current assets to current liabilities (Current Ratio). |
CR = |
|
IDAYS |
Normal number of days of the inventory holding by the company (Inventory days) |
IDAYS = |
|
APDAYS |
Estimation of Account Payable since the predetermined due date (Account Payable Days). |
APDAYS = |
|
ARDAYS |
Estimation of Account receivable since the predetermined due date (Account Receivable Days). |
ARDAYS = |
Table 1: Definitions and Measurement of Variable selected
According to Thompson (2013), “sampling consists of selection some part of a population to observe so that one may estimate something about the whole population”. The two methods of sampling are called probability sampling and non-probability sampling. The probability is as sampling method in which every unit in a population has a specifiable difference in being chosen and their techniques are simple random, systematic, stratified and cluster. The nonprobability is a sampling method in which every unit in population does not have a specifiable probability of being chosen, their techniques are convenience, quota, snowball and judgemental.
The method of sampling explains the procedure in which the method of data collection in relation to the topic of the research is selected from the concerned data set. There are two kinds of data that are available for the purpose of completing a research. They are the primary data and secondary data. The primary data comprises of the data that has been gathered for the first time and these data have not been used for any previous studies. The primary data is mostly collected from the respondents who have been selected in order to conclude a research (Anand and Grover, 2015). On the secondary data are the data that has been used previously in order to complete the data. Secondary data has been gathered from various articles and journals with the help of which information can be completed.
In this paper secondary data has been collected from the annual report with the help of statistical method. The limitations of the secondary data are that it may not provide the answers that are required in the paper as the data available may not be accurate and precise. Therefore, in this method the sampling has been done by simply collecting the annual report of Ocado Group Plc for the last ten years as the topic clearly has the intention of understanding the financial performance of Ocado Plc. The data that is gathered is filtered in Excel sheets where various tools are used in order to generate the precise results desired by the researcher. The financial parameters are outlines previously in order to make the research transparent and lucid.
This paper has utilised the quantitative data as the financial figures are collected from the annual report in order to undertake extensive assessment of the same. The secondary data that is collected, it would be segregated and the data would be useful for the purpose of constructing the financial ratios would be used in order to make the research precise and not much lengthy (Naranjo-Valencia, Jimenez-Jimenez and Sanz-Valle, 2016).
The sampling technique undertaken in this paper has been cluster sampling in which all the data related to Ocado Plc and the other companies for the past ten years have been collected and thereafter assessment is undertaken in order to gain the relevant results. The sample size of the paper has been data for the companies for the past ten years starting from the year 2007 to the year 2016.
The analytical refers to the construction of the financial ratios of the financial data of Ocado Group Plc that has been collected from the annual reports. This paper has collected data that ranges from the year 2007 to the year 2016 and ratio of each year has been done in order to have an idea about the performance of the company has been doing for the past ten years. The analytical process explains the tools that would be used for the purpose assessment of the data. The data is therefore collected and placed in the Excel sheet to compute the ratios and undertake a comparison of the financial performance for the past ten years for the company (Shin and Eksioglu, 2014). Quantitative data has been used in this paper and hence statistical method has been used. The statistical method explains the financial figures of the ratios and explains how the company has been performing for the past ten years.
The researcher in order to make the research paper authentic for fair has tried to gather all the data in a very ethical manner and has been in line with the ethical and financial codes and regulations that have constructed by international bodies. The researchers are restricted the utilisation of any techniques that can be looked upon as unethical and therefore has tried to gather the information after precise investigation of the resource from where the data is available (Panneerselvam, 2014). There are possibilities that the company may disclose faulty financial data in order to satisfy their stakeholders and hence the researcher has even cross checked the data with the statements that have been submitted to government in order to discover that the date gathered is precise. The maintenance of the ethics is fundamental as this leads to the construction of an authentic paper that can be looked down upon as an example and can be used by other researchers in the coming years with the idea of gathering certain knowledge that can complete their paper effectively.
This segment of the paper therefore highlights the course and the method that has been used for the purpose of gathering the data and the type of data used that can be useful for the completion of the data. The paper has made use of the positivism philosophy along with the inductive approach so that effective data can be collected with respect to this paper. Explanatory research design has been useful for the collection data and answering of the techniques that have been useful for the completion of the paper. The data that has been collected is gone through the extensive assessment with the help of excel software so that the financial ratios can be constructed.
Conclusion
This paper has looked to explain the financial performance of Ocado Group Plc for the past ten years and tried to gain knowledge about the current position of the organization. The introduction of the paper explains the background of the company and the various variables and the factors that have an impact on the financial performance of the company. The rational along the aims and objectives has been constructed which lead to the development of the process that would be undertaken for the completion of the paper. The review of literature explains the variables and parameters that are associated with the company, that has been functioning in the economy of United Kingdom. The methodology and methods of the research explained the process and the course that has been used by the researcher in order to gather the data and undertake analysis of data.
Every research is constructed their limitations as well. In this paper, it has been observed that the limitation has limited the researcher to undertake extensive research on the desired topic and to look for more detailed data that would be useful for understanding the financial performance of the company. The other limitation has been the data that has collected from the annual report of the firm had to be used for comparative analysis of accounting tools. In certain instances, there are possibilities that the results may not be appropriate.
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