Since my first reply, the Guardian have done an article:
If I could only quote one paragraph, it would be this one:
Ocado faced a protest vote from shareholders last month after it gave a large pay rise to directors because of the sales rise, even though extra costs meant it was not more profitable. The company is not forecast to make a profit by analysts until beyond 2024, according to average estimates compiled by S&P Global Market Intelligence.
Giving a pay rise despite not being profitable is bad optics And being four years off getting there does raise the question of how much is priced in already.