Food delivery company Deliveroo saw no material impact from the wider reopening of restaurants in its biggest market, Britain, as the value of orders on its platform more than doubled in the first half
A deliveroo delivery driver cycles through the centre of Manchester, Britain, March 8, 2021. REUTERS/Phil Noble"I think his view was: the stock's undervalued, I'm gonna start buying, and I know the space super well," Shu told Reuters.Deliveroo's shares, which were priced at 390 pence in the IPO, were trading down 4% at 348 pence at 1008 GMT, as it said it was "optimistic but prudent" about its prospects.
The company, which competes with Uber Eats and Just Eat Takeaway.com, said it expected orders to continue to grow but average order values to revert towards pre-pandemic levels. It reiterated the full-year forecast it upgraded last month of 50-60% growth in GTV, with a full-year gross profit margin in the lower half of the 7.5-8.0% range.
First half revenue increased 82% to 922.5 million pounds, Deliveroo said, while its core operating loss narrowed to 27.0 million pounds from 30.3 million pounds a year earlier.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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