Food giant Delivery Hero enjoys revenue rise thanks to order growth
German food delivery firm Delivery Hero has posted a huge rise in revenues for 2018 thanks to an increase in orders and expansion into new markets.
Revenues including Germany grew 65 per cent to €792m (£817m), ahead of previous forecasts of between €780m and €785m, while fourth quarter sales soared 75 per cent to €248m.
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The company, which owned UK delivery firm Hungry House before selling it to Just Eat, said orders grew 49 per cent to 393m over the year.
In December Delivery hero sold its German operations to rival Takeaway.com for €930m, ending a fierce battle for market share between the two companies.
The food firm said its preliminary earnings before interest, tax, depreciation and amortisation fell 18 per cent, which is in line with previous guidance.
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Chief executive Niklas Ostberg said: “2018 has been another successful year for Delivery Hero.”
“Our focus on the customer experience, the launch of many new initiatives like the roll out of delivery and multi-vertical products, the expansion into new cities and suburbs combined with our M&A strategy to focus our resources on the largest opportunities are all delivering results,” he added.
The firm reiterated its forecasts of revenues of between €1.08bn and €1.15bn for 2019. Shares in Delivery Hero rose almost five per cent in early trading.