Deliveroo posts drop in first-quarter orders
By Michele Maatouk
Date: Thursday 20 Apr 2023
(Sharecast News) - Deliveroo reported a decline in first-quarter orders on Thursday as the cost-of-living crisis hit demand.
The company said revenue ticked up 4% in Q1 to £512m, but gross transaction value dipped 1% and orders fell 9%.
Deliveroo hailed a good performance in the UK & Ireland but softness in the international segment. UK&I revenue rose 11% to £299m, but revenue in international declined 5% to £213m.
Founder and chief executive Will Shu said: "Revenue growth of 4% and broadly flat GTV (both in constant currency) represents a resilient performance, particularly in the context of inflationary pressures and the ongoing cost of living crisis and against a challenging comparison base.
"Against this backdrop, I'm particularly pleased with our performance in UKI, reflecting a further improvement in our offering to consumers. We remain confident in our ability to deliver on our plans to drive profitable growth and sustainable cash generation."
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN