18 April 2024
Q1 2024 Trading Update
Deliveroo plc
Good Q1 performance, return to
growth in orders
● Good
performance with growth in GTV and orders
○ Gross transaction
value (GTV) up 6% year-on-year (YoY) in constant
currency
○ Orders returned to
growth with a 2% increase YoY, while GTV per order was up 4% in
constant currency
● Continued
GTV growth in UKI and improving trends in
International
○ In UKI, GTV growth
was 6% YoY (7% in Q4 2023), in the context of a more stable but
still uncertain consumer environment; orders were flat, in-line
with overall market growth
○ In International,
GTV growth accelerated to 6% YoY in constant currency (1% in Q4
2023), with orders up 4%; improvement in GTV growth rate was driven
by France, UAE and Hong Kong, with Italy remaining
strong
● Revenue
take rate stable sequentially with continued investment into
consumer value proposition (CVP)
○ Group revenue
growth of 2% in constant currency (1% in Q4 2023)
○ Revenue take rate
(% of GTV) decreased YoY but flat sequentially vs Q4 2023 with
continued targeted CVP investments to capitalise on ongoing signs
of stabilisation in consumer behaviour across our
markets
● Commenced
EBT share purchase programme of up to £30 million (announced 27
March)
● FY 2024
guidance maintained
○ GTV growth (in
constant currency) anticipated to be in the range of
5-9%
○ Adjusted EBITDA
expected to be in the range of £110-130 million
○ Free cash flow
expected to be positive for the full year 2024
Will Shu,
Founder and CEO of Deliveroo, said:
"I am pleased with the start
we have made to this year, building on the strong progress in 2023.
The team has been relentlessly focussed on delivering service and
value for money, helping drive a return to order growth and
continued growth in GTV. We made particularly strong progress in
International markets during the quarter, with notable improvements
in France, UAE and Hong Kong, and continued strength in Italy. In
UKI, while the consumer environment remains stable but uncertain,
our commitment to offering fair prices and a flawless consumer
experience is building strong foundations for the future and will
continue to differentiate our business. I'm excited about building
the best consumer experience possible and am confident in our
ability to drive profitable growth and sustainable cash
generation."
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|
|
|
|
|
Change
|
|
|
|
Q1
2024
|
Q1
2023
|
|
Reported
currency
|
Constant
currency
|
|
|
|
|
|
|
|
|
Group
|
|
|
|
|
|
|
|
GTV
(£m)
|
|
|
1,830
|
1,746
|
|
5%
|
6%
|
Orders
(m)
|
|
|
73.5
|
72.1
|
|
2%
|
2%
|
GTV per
order (£)
|
|
|
24.9
|
24.2
|
|
3%
|
4%
|
Revenue
(£m)
|
|
|
514
|
512
|
|
0%
|
2%
|
|
|
|
|
|
|
|
|
UK and Ireland
(UKI)
|
|
|
|
|
|
|
|
GTV
(£m)
|
|
|
1,079
|
1,017
|
|
6%
|
6%
|
Orders
(m)
|
|
|
39.7
|
39.6
|
|
0%
|
0%
|
GTV per
order (£)
|
|
|
27.2
|
25.7
|
|
6%
|
6%
|
Revenue
(£m)
|
|
|
306
|
299
|
|
2%
|
2%
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
GTV
(£m)
|
|
|
751
|
729
|
|
3%
|
6%
|
Orders
(m)
|
|
|
33.7
|
32.5
|
|
4%
|
4%
|
GTV per
order (£)
|
|
|
22.3
|
22.4
|
|
(1)%
|
2%
|
Revenue
(£m)
|
|
|
208
|
213
|
|
(2)%
|
1%
|
Appendix:
Average monthly active consumers and monthly
order frequency
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
UK &
Ireland (m)
|
4.0
|
4.0
|
3.9
|
4.0
|
3.9
|
International (m)
|
3.1
|
3.1
|
3.0
|
3.3
|
3.3
|
Average
monthly active consumers (m)
|
7.1
|
7.1
|
6.9
|
7.3
|
7.2
|
Year-on-year growth in
MACs
|
(7)%
|
(4)%
|
(2)%
|
(2)%
|
0%
|
Average
monthly order frequency
|
3.4
|
3.4
|
3.4
|
3.4
|
3.4
|
Contact information
Given the proximity of this announcement to the
recently-reported FY 2023 results, Deliveroo will not hold a
conference call on the trading update. Please address any questions
to the Investor Relations and Media Relations teams using the
contact information below.
Investor Relations
David Hancock, VP Finance, Strategy
& IR - investors@deliveroo.co.uk
Tim Warrington, Investor Relations
Director
Rohan Chitale, Investor Relations
Director
Media Relations
Joe Carberry, VP Policy &
Communications - joe.carberry@deliveroo.co.uk
Brunswick Group: Rosie Oddy and Jono
Astle - deliveroo@brunswickgroup.com
About Deliveroo plc ('Deliveroo' or 'the
Company' or 'we')
Deliveroo
is an award-winning delivery service founded in 2013 by William Shu
and Greg Orlowski. Deliveroo works with approximately 180,000
best-loved restaurants, grocery and retail partners, as well as
over 140,000 riders to provide the best food delivery experience in
the world. Deliveroo is headquartered in London, with offices
around the globe. Deliveroo operates across 10 markets, including
Belgium, France, Hong Kong, Italy, Ireland, Kuwait, Qatar,
Singapore, United Arab Emirates and the United Kingdom.
Further
information regarding Deliveroo is available on the Company's
website at https://corporate.deliveroo.co.uk/.
Additional Notes
1. All
figures in this trading update are unaudited.
2. All
growth rates reflect a comparison to the three-month period ended
31 March 2023 unless otherwise stated.
3.
References to "Q1" are to the three-month period ended 31 March
2024 and to "Q4" are to the three-month period ended 31 December
2023 unless otherwise stated. References to the "year", "financial
year" or "2024 financial year" are to the financial year ending 31
December 2024 and references to the "last year", "last financial
year" or "2023 financial year" are to the financial year ended 31
December 2023 unless otherwise stated.
This
announcement may include forward-looking statements, which are
based on current expectations and projections about future events.
These statements may include, without limitation, any statements
preceded by, followed by or including words such as "target",
"believe", "expect", "aim", "intend", "may", "anticipate",
"estimate", "plan", "project", "will", "can have", "likely",
"should", "would", "could" and any other words and terms of similar
meaning or the negative thereof. These forward-looking statements
are subject to risks, uncertainties and assumptions about the
Company and its subsidiaries and its investments, including, among
other things, the development of its business, trends in its
operating environment, and future capital expenditures and
acquisitions. The forward-looking statements in this announcement
speak only as at the date of this announcement. These statements
reflect the beliefs of the Directors, (including based on their
expectations arising from pursuit of the Group's strategy) as well
as assumptions made by the Directors and information currently
available to the Company. Further, certain forward-looking
statements are based upon assumptions of future events which may
not prove to be accurate and none of the Company nor any member of
the Group, nor any of such person's affiliates or their respective
directors, officers, employees, agents and/or advisors, nor any
other person(s) accepts any responsibility for the accuracy or
fairness of the opinions expressed in this announcement or the
underlying assumptions. Actual events or conditions are unlikely to
be consistent with, and may differ significantly from, those
assumed. In light of these risks, uncertainties and assumptions,
the events in the forward-looking statements may not occur. No
representation or warranty is made that any forward-looking
statement will come to pass. No one undertakes to update,
supplement, amend or revise any forward-looking statements. You are
therefore cautioned not to place any undue reliance on
forward-looking statements.