DELIVEROO
reported like-for-like revenue up 11% in the UK and Ireland. Overall group revenue rose by 4% but gross transactional value fell by 1% year-on-year because of a 9% drop in orders. An expansion to its offering in the UK and Ireland helped support growth, however international revenue struggled amid weakness in the French market and Covid restrictions in Asia at the start of the year.
Deliveroo has been struggling with cost inflation as well as weaker demand amid the cost-of-living crisis with the backdrop of a softening consumer as households look to make cutbacks on non-essential spending. This is also a highly competitive sector with players such as Uber Eats and Just Eat Takeaway.com NV
as well as the q-commerce players promising to deliver groceries within minutes. After a disastrous flotation, shares have had a horrible time during their lifespan on the public market, shedding 64% since April 2021 with shares under pressure again today.