Deliveroo achieves breakeven in second half

Meal delivery company Deliveroo said it achieved breakeven in adjusted earnings in the second half, boosting its margin for the year to a better-than-expected -1%, and it expected continued improvement in 2023.

The company said on Thursday the gross transaction value (GTV) of its orders for its continuing operations increased 6% to £1.8 billion pounds (€2 billion) in the fourth quarter, as item price inflation offset a 2% drop in order numbers.

Founder and chief executive Will Shu said Deliveroo had delivered "significant improvements in profitability whilst also still delivering growth in a difficult macroeconomic environment".

"Amidst an uncertain outlook for 2023, we remain confident in our ability to adapt financially and to make continued progress on our path to profitability," he said in a trading update.

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The loss-making company, which pulled out of Australia and the Netherlands in 2022, had previously expected its earnings margin for the year to be between -1.2% and -1.5%.

It said it had increased its share of key markets such as Britain, France and Italy in the year.

The company, which competes with Just Eat Takeaway and Uber Eats, will report its 2022 results on March 16. --Reuters