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(Alliance News) - Deliveroo PLC on Friday narrowed its guidance range for gross transaction value growth towards the lower end of previous guidance as it confirmed the starting date for its new chief financial officer.
The London-based online food delivery service said gross transaction values rose 8.3% annually in the third quarter to GBP1.70 billion from GBP1.57 billion, though orders fell by 1.1% to 72.8 million from GBP73.6 million. However, Deliveroo lowered its guidance range for GTV growth for the full year to 4% to 8% in constant currency, compared to a previous range of 4% to 12%.
It expects a slight improvement in the margin for earnings, aiming to reach breakeven earnings before interest, tax, depreciation and amortisation at some point between the second half of 2023 and the first half of 2024.
"During the quarter, we delivered continued GTV growth year-on-year, strengthened our value proposition and made further progress on our path to profitability. Since June, the year-on-year GTV growth trend has been broadly stable, despite the ongoing economic uncertainty. Throughout 2022 we have been adapting financially to the operating environment and driving forward on our path to profitability, and we now expect the second half 2022 Ebitda adjusted margin to be better than our previous guidance," said Founder & Chief Executive Officer Will Shu.
In August, Deliveroo said it expected an adjusted Ebitda margin of negative 1.5% to 1.8% for all of 2022.
Moving away from guidance, Deliveroo also confirmed the start date for its new CFO Scilla Grimble. She will join the company on February 20, 2023.
Grimble is currently CFO of Moneysupermarket.com Group PLC. She has been with the FTSE 250-listed comparison site operator since 2019.
David Hancock, who has been Deliveroo's interim CFO since September, will step down from the position on the same date.
Also on Friday, Moneysupermarket.com confirmed that Niall McBride will join as its new chief financial officer on February 20, succeeding Grimble.
McBride is currently CFO at Ocado Retail Ltd, a joint venture between Marks & Spencer Group PLC and Ocado Group PLC. Prior to this, he was a managing director at Rothschild & Co Bank International Ltd.
Deliveroo shares rose 3.3% to 84.64 pence each in London on Friday morning, while Moneysupermarket.com's shares fell 3.8% to 171.00p each.
By Tom Budszus; tombudszus@alliancenews.com
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