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Deliveroo Sees 2023 Earnings Slightly Ahead Of Guidance

By Reuters
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Deliveroo Sees 2023 Earnings Slightly Ahead Of Guidance

British food delivery company Deliveroo said its 2023 earnings would be slightly ahead of the £60 million (€69.94 million) to £80 million (€93.25 million) it had guided, while the total value of orders on its platform had risen by 3%, in line with its forecasts.

Founder and chief executive Will Shu said that the company delivered a good performance in the UK and Ireland in the fourth quarter, and its international business returned to growth.

'Encouraging Trends'

"I'm really proud of the team's execution in Q4, including launching our retail offering," he said. "We delivered a good performance in UKI and saw International return to GTV growth, with encouraging trends in several markets."

In the fourth quarter, the group said that GTV growth 'remains resilient', with an improvement trend observed. Fourth-quarter GTV is up 4% year-on-year at constant currency levels, while order growth is flat for the period.

In the UK and Ireland, GTV growth stood at 7% year-on-year, while International GTV saw year-on-year growth of 1%, bolstered by 'continued strength' in Italy and UAE.

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'Signs of Stabilisation'

"As we saw ongoing signs of stabilisation in consumer behaviour in the quarter, we continued to invest in the consumer value proposition to lay the foundations for future growth," Shu added.

"We closed out a successful 2023 with GTV in line with guidance and adjusted EBITDA slightly above the top end of our guidance range."

Headquartered in London, Deliveroo operates across 10 markets, including Belgium, France, Hong Kong, Italy, Ireland, Kuwait, Qatar, Singapore, United Arab Emirates and the United Kingdom.

Read More: Deliveroo Announces £250m Share Buyback Plan

Additional reporting by ESM

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