Ocado to join FTSE 100 as M&S hangs on

OCADO has won promotion to the FTSE 100 index as Marks & Spencer clings on by the skin of its teeth.

The online grocer will join the ranks of the most valuable listed companies in the UK next month after its share price tripled in just six months. And M& S, which revealed a 66.2pc drop in full-year profits to £ 66.8m last week, appears to have avoided relegation despite a slump in its share price.

Instead, the reshuffle, which is based on last night’s closing prices and takes place on June 18, will see G4S and Medicare leave the FTSE 100 while Ladbrokes owner GVC will be promoted alongside Ocado.

Carpetright, Mothercare and Moss bros face demotion from the FTSE All Share as the stores struggle to attract shoppers and win the fight against internet shopping.

Former Intercontinental Hotels boss Richard Solomons has left the board of Marks & Spencer.