Deliveroo breaks even in H2; sees FY above expectations
By Frank Prenesti
Date: Thursday 19 Jan 2023
(Sharecast News) - UK fast food delivery platform Deliveroo said it broke even in the second half and would post better-than-expected earnings.
The company on Thursday said its annual earnings margin coming in at a better-than-expected minus 1%, compared with previous guidance of -1.2% to -1.5%.
Fourth-quarter order gross transaction value (GTV) increased 6% to £1.8bn with item price inflation offset a 2% drop in order numbers.
Chief executive Will Shu hailed what he called "significant" improvements in profitability whilst also still delivering growth in a difficult macroeconomic environment.
"Amidst an uncertain outlook for 2023, we remain confident in our ability to adapt financially and to make continued progress on our path to profitability," he said in a trading update.
It said it had increased its share of key markets such as Britain, France and Italy in the year.
GTV rose 7% for continuing operations - excluding the now exited markets of Australia and the Netherlands - and 5% for all operations, within the guidance range of 4-8% growth.
Fourth-quarter GTV for continuing operations was £1.8bn, up 9%.
"Amidst an uncertain outlook for 2023, we remain confident in our ability to adapt financially and to make continued progress on our path to profitability," Shu said.
Reporting by Frank Prenesti for Sharecast.com
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