TIDMROO
RNS Number : 5953Q
Deliveroo PLC
19 October 2023
19 October 2023
Deliveroo plc
Q3 2023 Trading Update
Consistent execution driving continued momentum
-- Robust GTV growth, with improving trend in orders
-- Q3 gross transaction value (GTV) up 5% year-on-year (YoY) in
constant currency, supported by improving trend in orders at (1)%
YoY
-- Food price inflation moderating, but GTV per order still up 5% YoY in constant currency
-- Continued GTV growth momentum in UKI, with International improving
-- Growth trends underpinned by further strengthening of the
consumer value proposition (CVP) including expanded selection,
targeted promotions and service enhancements
-- UKI GTV up 9%; International GTV decline reduced to (1)% in
constant currency, with improving trends across most markets,
including France
-- Revenue take rate broadly stable sequentially
-- Revenue growth of 3% in constant currency lagged GTV growth,
with revenue take rate (% of GTV) down 60 bps YoY due to
previously-flagged CVP investments; take rate broadly flat
sequentially versus Q2 2023
-- FY 2023 guidance maintained
-- GTV growth expected to be lower single digits percentage growth in constant currency
-- Adjusted EBITDA expected to be in the range of GBP60-80 million
Will Shu, Founder and CEO of Deliveroo, said:
"I'm really pleased with our results and proud of the team's
execution, especially the continued progress on service towards a
seamless delivery experience. We've also made clear progress in
promoting value within the app, which remains so important given
the tough consumer backdrop. We continue to deliver strong
performance in UKI and I'm encouraged by the improving growth
trends in key International markets. My confidence in our ability
to drive growth and deliver on our goals for profitability and
sustainable cash flow generation has never been stronger, and I'm
excited to share more at our Capital Markets Event on 29
November."
Change Change
====================== ======================
Q3 Q3 Reported Constant 9M 9M Reported Constant
2023 2022 currency currency 2023 2022 currency currency
====== ====== ========== ========== ====== ====== ========== ==========
Group
GTV (GBPm) 1,697 1,640 3% 5% 5,204 5,053 3% 2%
Orders (m) 69.7 70.1 (1)% (1)% 214.9 224.2 (4)% (4)%
GTV per order
(GBP) 24.3 23.4 4% 5% 24.2 22.5 8% 7%
------------------------ ------ ------ ---------- ---------- ------ ------ ---------- ----------
Revenue (GBPm) 487 481 1% 3% 1,507 1,454 4% 3%
======================== ====== ====== ========== ========== ====== ====== ========== ==========
UK & Ireland
(UKI)
GTV (GBPm) 1,026 944 9% 9% 3,084 2,858 8% 8%
Orders (m) 38.8 37.7 3% 3% 118.4 117.8 1% 1%
GTV per order
(GBP) 26.4 25.0 6% 6% 26.0 24.3 7% 7%
------------------------ ------ ------ ---------- ---------- ------ ------ ---------- ----------
Revenue (GBPm) 297 277 7% 7% 899 821 10% 9%
======================== ====== ====== ========== ========== ====== ====== ========== ==========
International
GTV (GBPm) 671 696 (4)% (1)% 2,120 2,195 (3)% (5)%
Orders (m) 30.9 32.4 (5)% (5)% 96.5 106.4 (9)% (9)%
GTV per order
(GBP) 21.7 21.5 1% 4% 22.0 20.6 7% 5%
------------------------ ------ ------ ---------- ---------- ------ ------ ---------- ----------
Revenue (GBPm) 190 204 (7)% (4)% 608 633 (4)% (5)%
======================== ====== ====== ========== ========== ====== ====== ========== ==========
Appendix:
Average monthly active consumers and monthly order frequency
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2022 2022 2022 2023 2023 2023
======================== ======= ======= ======= ======= ======= ======= =======
UK & Ireland (m) 4.1 4.0 3.9 4.1 4.0 4.0 3.9
International (m) 3.5 3.4 3.1 3.3 3.1 3.1 3.0
Average monthly active
consumers (m) 7.6 7.4 7.0 7.4 7.1 7.1 6.9
======================== ======= ======= ======= ======= ======= ======= =======
Year-on-year growth
in MACs 15% 5% 4% (1)% (7)% (4)% (2)%
======================== ======= ======= ======= ======= ======= ======= =======
Average monthly order
frequency 3.4 3.4 3.3 3.4 3.4 3.4 3.4
======================== ======= ======= ======= ======= ======= ======= =======
All 2022 figures exclude results from Australia and the
Netherlands, where operations were discontinued in November
2022.
Analyst & Investor call: Deliveroo will not hold a
conference call or webcast on the trading update.
Upcoming events
Capital Markets Event: 29 November 2023
Contact information
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
Teneo, James Macey White, Jessica Reid - deliveroo@teneo.com
About Deliveroo plc ('Deliveroo' or 'the Company')
Deliveroo is an award-winning delivery service founded in 2013
by William Shu and Greg Orlowski. Deliveroo works with
approximately 183,000 best-loved restaurants and grocery partners,
as well as around 135,000 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 30 September 2022 unless otherwise stated.
3. References to "Q3" are to the three-month period ended 30
September 2023 and to "YTD" or "9M" are to the nine-month period
ended 30 September 2023, unless otherwise stated. References to the
"year", "financial year" or "2023 financial year" are to the
financial year ending 31 December 2023 and references to the "last
year", "last financial year" or "2022 financial year" are to the
financial year ended 31 December 2022 unless otherwise stated.
4. All 2022 figures exclude results from Australia and the
Netherlands, where operations were discontinued in November
2022.
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
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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.
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based on their expectations arising from pursuit of the Group's
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