© Reuters. A Deliveroo delivery rider cycles in London
LONDON (Reuters) – Food delivery company Deliveroo said its orders more than doubled in the quarter to end-March in its first trading update since its highly-anticipated listing in London last month flopped.
Growth accelerated for the fourth consecutive quarter, the company said, with group orders up 114% year-on-year to 71 million and gross transaction value (GTV) up 130% year-on-year to 1.65 billion pounds ($2.27 billion).
Chief Executive Will Shu said demand was strong in both UK and Ireland and its international markets, driven by record new customer growth and sustained demand from existing customers.
“This is our fourth consecutive quarter of accelerating growth, but we are mindful of the uncertain impact of the lifting of COVID-19 restrictions,” he said on Thursday.
“So while we are confident that our value proposition will continue to attract consumers, restaurants, grocers and riders throughout 2021, we are taking a prudent approach to our full year guidance.”
The company said it was maintaining its guidance for full-year GTV growth of between 30% to 40% and gross profit margins of 7.5-8.0%.
($1 = 0.7260 pounds)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.