Takeaway giant Deliveroo saw a rebound in orders in the first quarter thanks to strong growth overseas.
The London-based food delivery company’s online purchases rose 2 percent year-on-year to 73.5 million in the first three months of 2024.
Orders from the United Kingdom and Ireland remained stable at 39.7 million amid continuing cost of living pressures, but rose 4 percent to 33.7 million in the rest of the world.
Growth: Food delivery giant Deliveroo revealed that its online purchases increased 2 percent year-on-year to 73.5 million in the first three months of 2024.
Deliveroo’s gross transaction value (the total value of orders processed on its platform) expanded 6 percent at constant currency levels to £1.83 billion.
Internationally, GTV’s growth was driven by strong performances in France, Italy, Hong Kong and the United Arab Emirates.
Deliveroo has maintained its forecast for GTV to rise between 5 and 9 per cent this year, while adjusted profits before the unpleasantries are forecast to be between £110m and £130m.
Will Shu, founder and chief executive of Deliveroo, said the consumer context in the UK and Ireland “remains stable but uncertain”, but the company’s “commitment to fair pricing and a seamless consumer experience is laying the groundwork for solid for the future.
delivery actions They rose 4.7 per cent to 126.9 pence on Thursday morning, but remain almost two-thirds below their initial public offering price of 390 pence.
The group listed on the London Stock Exchange in March 2021 amid a surge in trading sparked by the forced closure of hospitality establishments, which encouraged many more people to order meals online.
However, Deliveroo has struggled to become profitable, partly because it has racked up huge marketing, technology and staff costs as it pursued breakneck growth.
Deliveroo’s sales have slowed as people have returned to eating more regularly in pubs and restaurants.
Deliveroo’s results come a day after Just Eat Takeaway said its orders fell 5 percent during the first quarter due to weaker trading in North America, where Grubhub operates.
Earlier in the week, Just Eat announced it was exiting New Zealand because the country represents a small portion of its overall business.