Deliveroo reports solid Q1 growth

Delivery platform Deliveroo has reported “solid growth” in the first quarter of 2022, with gross transaction value (GTV) up 12% year-on-year to £1.79b.

Orders were up 18%, a strong performance compared to the same period in 2021, which included lockdowns in many markets.

GTV growth in the first quarter was 3% compared to the fourth quarter of 2021, with orders up 2%. The GTV per order was broadly stable sequentially, up by 1% quarter-on-quarter in constant currency, following a similar increase in Q4 vs Q3 2021.

The group’s UK and Ireland market contributed to growth, with GTV up 12% to £956m and orders up 20% year-on-year to hit 40.7 million in the first quarter of 2022.

GTV growth for the full year 2022 is expected to be 15%-25%, with a higher growth rate in the second half than in the first half of the year.

Will Shu, founder and chief executive of Deliveroo, said: “Our first quarter performance was in line with the guidance we provided in March. We delivered solid growth of 12% in Q1 2022, against a tough comparison base in Q1 2021, when many of our markets were still experiencing lockdown restrictions.

“I'm delighted that we continued to strengthen our offering for consumers this quarter: we expanded existing relationships in grocery with Waitrose and Carrefour, widened our offer of 12-months free Plus subscription for Amazon Prime members to include France and Italy, and launched a new pilot with WHSmith in the UK.

"Consumer behaviour may moderate during the year, and this is reflected in our guidance. We remain confident in our ability to adapt financially to any further changes in the macroeconomic environment. We continue to be excited about the opportunity ahead and our ability to capitalise on it.”

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