Deliveroo continued to benefit from stable growth in the third quarter of the year, as it looked to expanding its offering across the UK and Middle East.
The fast-food delivery giant had year-in-year growth in Q3 with gross transaction value (GTV) per order up six per cent, despite orders being down one per cent, driven by inflation and lower consumer confidence.
Growth in the UK and Ireland outperformed other international markets, with GTV up 11 per cent while overall internationally it was down 2 per cent. Growth was however stronger in Europe and the middle east, despite being offset by parts of Asia, still impact by Covid-related restrictions.
This comes as Deliveroo continues to expand new initiatives includes its Hop collection service, with sites opening in central London, and the expansion of its services to 125 Boots stores and more than 1,000 McDonald’s sites across the UK.
Ahead of the 2022 World Cup, Deliveroo also launched in host country Qatar.
For the rest of the financial year, the delivery giant lowered its expectations to have growth in the range of 4-8 per cent, compared to the previously announced range of 4-12 per cent.
“Since June, the year-on-year GTV growth trend has been broadly stable, despite the ongoing economic uncertainty”, said Will Shu, Founder and CEO of Deliveroo.
“Throughout 2022 we have been adapting financially to the operating environment and driving forward on our path to profitability, and we now expect the H2 2022 adjusted EBITDA margin to be better than our previous guidance. We continue to be excited about the opportunity ahead and our ability to capitalise on it.”
The company also announced made a number of board changes this morning, with Scilla Grimble appointed chief financial officer, while David Hancock, who is currently serving as interim CFO since September will step down.