Deliveroo reports strong progress in latest results

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Deliveroo reports strong progress in latest results

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Deliveroo says that it has had a ‘resilient year of growth’ as it reports a rise in gross profits.

The delivery business has reported that gross profits rose by 13% and revenue and gross transaction value (GTV) climbed 3% in its results for the year ended 31

December 2023.

Revenue was £2bn, up 3% from £1.9bn in 2022.

Overall, Deliveroo reported a loss of £32m for the period, a reduction of £262m year-on-year.

The company saw order sales fall 3% from £299m in 2022 to £290m in 2023, but GTV per order rose from £22.90 to £24.30.

Total GTV was £7bn, up 3% on £6.8bn the prior year.

The company also says it has made ‘significant’ progress on profitability, with adjusted EBITDA of £85m, up from a loss of £45m in 2022. Adjusted EBITDA as a percentage of GTV has increased to 1.2%, compared to 0.7% in 2022.

“2023 was a good year for Deliveroo and I am proud of what we have delivered financially, operationally and for our consumers,” says Will Shu, founder and CEO of Deliveroo.

“Our focus on service and value for money continues to build consumer trust, which are fundamental to unlocking future growth in this industry.

“Building on the strong progress we made in 2023, I’m excited about the further opportunities ahead. We have clear strategic priorities and initiatives in place to achieve our medium term targets, and I am confident in our ability to deliver continued profitable growth.”

Deliveroo believes there are multiple opportunities for growth, including a further push into retail and increased efficiencies for reduced rider wait time, smarter order stacking, and greater automation.

In its outlook for 2024 it says GTV growth is anticipated to be in the range of 5-9% with quarter one growth expected to be similar to the quarter four growth in 2023, with an improvement in growth through the year predicted.

Adjusted EBITDA is expected to be in the range of £110-130m.

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