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(Alliance News) - Deliveroo PLC on Thursday said its first quarter revenue was up, especially in its UK & Ireland division, while its International division results fell on a constant currency basis.
The London-based delivery services firm said revenue was up 6.8% to GBP512 million in the first quarter of 2023 from GBP479 million a year earlier on a reported currency basis, or up 4% on a constant currency basis.
This was most pronounced in its UK & Ireland division, which saw revenue rise by 12% and 11% on a reported and constant currency basis, respectively, to GBP299 million from GBP268 million.
Further, International revenue was up 0.9% to GBP213 million from GBP211 million, although it fell 5% on a constant currency basis.
Across the group, gross transaction value was up 2.3% to GBP1.75 billion on a reported currency basis from GBP1.71 billion, although down 1% on a constant currency basis.
Order numbers fell 8.5% to 72.1 million from 78.8 million, while GTV per order grew 12% to GBP24.20 from GBP21.70, or up 8% on a constant currency basis. Deliveroo said this reflected the continued impact of food price inflation.
"Revenue growth of 4% and broadly flat GTV (both in constant currency) represents a resilient performance, particularly in the context of inflationary pressures and the ongoing cost of living crisis and against a challenging comparison base. Against this backdrop, I'm particularly pleased with our performance in UKI, reflecting a further improvement in our offering to consumers," said Founder & Chief Executive Officer Will Shu.
Looking ahead, Deliveroo said it anticipates GTV percentage growth to be in the low-to-mid-single digits, in constant currency terms, with growth improving through the year as "we continue to deliver on our plans and the comparison base eases".
It also expects 2023 adjusted earnings before interest, tax, depreciation and amortisation to be in the range of GBP20 million to GBP50 million, weighted to the second half. This would represent a swing from a loss of GBP70.5 million in 2022.
Shu continued: "We remain confident in our ability to deliver on our plans to drive profitable growth and sustainable cash generation."
Shares in Deliveroo were down 0.7% to 103.00 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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