Food delivery company Deliveroo said it achieved breakeven in adjusted earnings in the second half, boosting its margin for the year to a better-than-expected -1%, and it expected continued improvement in 2023.
The company said in a statement that the gross transaction value (GTV) of its orders for its continuing operations increased 6% to £1.8 billion in the fourth quarter, as item price inflation offset a 2% drop in order numbers.
Founder and chief executive Will Shu said Deliveroo had delivered "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.
For the full year, gross transaction value (GTV) increased to £7.1 billion for all operations, including results from Australia and the Netherlands until operations ended in November 2022.
This represents year-on-year growth of 7% in reported currency and 5% in constant currency, the company said.
It said it had increased its share of key markets such as Britain, France and Italy in the year.
"As always, we continue to be focused on strengthening our offer for each side of our marketplace through a hyperlocal lens," Shu added.