Deliveroo holds guidance as UK revenue rises despite global dip
Online takeaway platform Deliveroo has maintained its full year guidance for the year, as the company was bolstered by demand in the UK and Ireland.
According to its third quarter update, the listed delivery app, said revenues in its UK and Ireland arm grew by a steady three per cent to £297m, but internationally it fell by seven per cent.
Its Gross transaction value (GTV) in its international markets such as Belgium and Hong Kong also fell four per cent to £671m due to a slow down in orders made in these regions.
But its UK and Ireland arm continued to show signs of strength with GTV up nine per cent to £1.02bn.
In August, Deliveroo upped its guidance for the year to a range of £60-80m, ahead of previous range of £20-50m, this remains unchanged.
Will Shu, founder and chief of Deliveroo, said: “I’m really pleased with our results and proud of the team’s execution, especially the continued progress on service towards a seamless delivery experience.
“We’ve also made clear progress in promoting value within the app, which remains so important given the tough consumer backdrop.”
He added: “We continue to deliver strong performance in UKI and I’m encouraged by the improving growth trends in key International markets.”
“My confidence in our ability to drive growth and deliver on our goals for profitability and sustainable cash flow generation has never been stronger.”