Deliveroo revenues up 82%

Same-day delivery carriers Deliveroo have said that the value of orders more than doubled in the first half of the financial year with no material impact from the reopening of restaurants in the UK in the second quarter.

According to Deliveroo CEO Will Shu, growth remained strong for restaurant and grocery orders even as lockdown measures eased.

“Demand has been high amongst consumers,” he said in a statement. “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.”
The company, which connects customers with over 136,000 restaurants and 9,000 grocery stores in Britain and Ireland and other countries, said its gross transaction value rose 102% to £3.38bn. 

Last week, German rival Delivery Hero took a 5% stake in the UK delivery firm, helping drive Deliveroo’s share price to the highest it had been since its IPO.

Shu said he had not spoken with the Delivery Hero CEO Niklas Oestberg since the transaction. “I think his view was: the stock’s undervalued, I’m gonna start buying, and I know the space super well,” Shu said. “This is in my view just a financial investment.”

In the trading statement Deliveroo re-stated the full year forecast published in July of 50-60% GTV and a gross profit margin of close to 8% for the full year. First half revenue hit £922.5 million, an 82% growth.

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