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Deliveroo keeps annual guidance as quarterly revenue rises

by Uma
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2023 10 19T061159Z 1 LYNXMPEJ9I073 RTROPTP 4 DELIVEROO BRITAIN

Deliveroo keeps annual guidance as quarterly revenue rises

LONDON (Reuters) – Meal delivery group Deliveroo maintained its full-year financial guidance on Thursday, as it reported a 5% rise in third-quarter gross transaction value, helped by an improving trend in customer orders.

The group, which has 183,000 restaurants and 20,000 grocery sites on its platform, said orders fell 1% in its third quarter, having been down 6% in the first half.

Deliveroo said while food price inflation was moderating, the growth in gross transaction value (GTV) was supported by “expanded selection, targeted promotions and service enhancements.”

The group, which competes with Just Eat Takeaway.com and Uber Eats in markets in Europe, the Middle East and Asia, kept its guidance for full-year GTV growth in the low single digits, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 60-80 million pounds ($73-$97 million).

“My confidence in our ability to drive growth and deliver on our goals for profitability and sustainable cash flow generation has never been stronger,” founder and CEO Will Shu said.

Shares in Deliveroo are up 43% so far this year.

($1 = 0.8248 pounds)

 

(Reporting by James Davey; Editing by Kate Holton)