Deliveroo doubles orders despite reopening of grocery stores and restaurants

In a statement Deliveroo said, the value of orders on its platform has more than doubled in the first half of this year, despite the gradual reopening of restaurants in Britain – its biggest market.

In a statement Deliveroo’s CEO, Will Shu said, growth had remained strong for grocery and restaurant orders, even as pandemic-related curbs eased.

“Demand has been high amongst consumers,” said Shu in a statement on Wednesday. “We have widened our consumer base, seen people continuing to order frequently and we now work with more food merchants than any other platform in the UK.”

It went on to add, its gross transaction value rose by 102% to $4.68 billion (3.386 billion pounds).

Last week, the company’s German rival Delivery Hero bought a 5.09% stake dirving up its share price to its highest since its March listing.

“I think his view was: the stock’s undervalued, I’m gonna start buying, and I know the space super well,” said Shu. “This is in my view just a financial investment.”

The company reported a 82% rise in its first quarter revenues to 922.5 million pounds and a narrowing of its core operating loss to 27.0 million pounds, down from 30.3 million pounds a year earlier.

Deliveroo also reiterated its full-year forecast for 50%-60% growth in gross transaction value, with a full-year gross profit margin in the lower half of the range 7.5-8.0%.

($1 = 0.7234 pounds)

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