TIDMROO
RNS Number : 2176A
Deliveroo PLC
19 January 2024
19 January 2024
Q4 2023 Trading Update
Deliveroo plc
Profitability ahead of guidance, GTV growth in-line
-- FY 2023 GTV in-line with guidance and adjusted EBITDA slightly ahead
-- Gross transaction value (GTV) growth of 3% in-line with
guidance of lower single digits percentage growth in constant
currency
-- Adjusted EBITDA expected to be slightly above the GBP60-80 million guidance range
-- Q4 2023 GTV growth remains resilient, with improving trend in orders
-- Q4 GTV up 4% year-on-year (YoY) in constant currency
-- Order growth improved slightly to flat YoY, while food price
inflation moderated, but with GTV per order still up 4% YoY in
constant currency
-- Continued GTV growth in UKI and return to growth in International
-- UKI GTV growth was 7% YoY, with underlying GTV trends
remaining steady; sequentially lower growth (vs Q3) was impacted by
factors including the active management of certain restaurant
partners to build consumer trust through lower mark-ups and
stronger operational performance
-- International GTV returned to growth of 1% YoY in constant
currency, with improving trends in most markets and continued
strength in Italy and UAE
-- Revenue impacted by mix shift in marketing and targeted
investment in the consumer value proposition
-- Group revenue growth of 1% in constant currency lagged GTV
growth; this was due to a mix shift in marketing spend towards
promotional marketing activity (recognised as contra revenue), as
well as some targeted investment in consumer fees, to capitalise on
ongoing signs of stabilisation in consumer behaviour
Management will provide 2024 guidance at Deliveroo's full year
results on 14 March 2024.
Will Shu, Founder and CEO of Deliveroo, said:
"I'm really proud of the team's execution in Q4, including
launching our retail offering. We delivered a good performance in
UKI and saw International return to GTV growth, with encouraging
trends in several markets. As we saw ongoing signs of stabilisation
in consumer behaviour in the quarter, we continued to invest in the
consumer value proposition to lay the foundations for future
growth. We closed out a successful 2023 with GTV in line with
guidance and adjusted EBITDA slightly above the top end of our
guidance range."
Change Change
====================== ======================
Q4 Q4 Reported Constant FY FY Reported Constant
2023 2022 currency currency 2023 2022 currency currency
=============== ====== ====== ========== ========== ====== ====== ========== ==========
Group
GTV (GBPm) 1,858 1,795 4% 4% 7,062 6,848 3% 3%
Orders (m) 75.3 75.1 0% 0% 290.2 299.2 (3)% (3)%
GTV per order
(GBP) 24.7 23.9 3% 4% 24.3 22.9 6% 6%
------------------------ ------ ------ ---------- ---------- ------ ------ ---------- ----------
Revenue (GBPm) 523 521 0% 1% 2,030 1,975 3% 2%
======================== ====== ====== ========== ========== ====== ====== ========== ==========
UK & Ireland
(UKI)
GTV (GBPm) 1,097 1,030 7% 7% 4,181 3,888 8% 7%
Orders (m) 40.9 40.6 1% 1% 159.2 158.4 1% 1%
GTV per order
(GBP) 26.8 25.4 6% 6% 26.3 24.5 7% 7%
------------------------ ------ ------ ---------- ---------- ------ ------ ---------- ----------
Revenue (GBPm) 310 298 4% 4% 1,209 1,119 8% 8%
======================== ====== ====== ========== ========== ====== ====== ========== ==========
International
GTV (GBPm) 761 765 (1)% 1% 2,881 2,960 (3)% (3)%
Orders (m) 34.4 34.5 0% 0% 131.0 140.8 (7)% (7)%
GTV per order
(GBP) 22.1 22.2 0% 1% 22.0 21.0 5% 4%
------------------------ ------ ------ ---------- ---------- ------ ------ ---------- ----------
Revenue (GBPm) 213 223 (4)% (2)% 821 855 (4)% (5)%
======================== ====== ====== ========== ========== ====== ====== ========== ==========
Appendix:
Average monthly active consumers and monthly order frequency
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023
2022 2022 2022 2022 2023 2023 2023
===================== ======= ======= ======= ======= ======= ======= ======= ======
UK & Ireland (m) 4.1 4.0 3.9 4.1 4.0 4.0 3.9 4.0
International (m) 3.5 3.4 3.1 3.3 3.1 3.1 3.0 3.3
Average monthly
active consumers
(m) 7.6 7.4 7.0 7.4 7.1 7.1 6.9 7.3
===================== ======= ======= ======= ======= ======= ======= ======= ======
Year-on-year growth
in MACs 15% 5% 4% (1)% (7)% (4)% (2)% (2)%
===================== ======= ======= ======= ======= ======= ======= ======= ======
Average monthly
order frequency 3.4 3.4 3.3 3.4 3.4 3.4 3.4 3.4
===================== ======= ======= ======= ======= ======= ======= ======= ======
Analyst and investor call
A conference call and webcast with Q&A for analysts and
investors will be held today at 09:00 GMT / 10:00 CET.
Conference call:
https://secure.emincote.com/client/deliveroo/q4-2023/vip_connect
Webcast:
https://secure.emincote.com/client/deliveroo/q4-2023
The webcast will also be available to view at
https://corporate.deliveroo.co.uk/ . A replay will be made
available later.
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 31 December 2022 unless otherwise stated.
3. References to "Q4" are to the three-month period ended 31
December 2023 and to "Q3" are to the three-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
"target", "believe", "expect", "aim", "intend", "may",
"anticipate", "estimate", "plan", "project", "will", "can have",
"likely", "should", "would", "could" and any other words and terms
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.
These statements reflect the beliefs of the Directors, (including
based on their expectations arising from pursuit of the Group's
strategy) as well as assumptions made by the Directors and
information currently available to the Company. Further, certain
forward-looking statements are based upon assumptions of future
events which may not prove to be accurate and none of the Company
nor any member of the Group, nor any of such person's affiliates or
their respective directors, officers, employees, agents and/or
advisors, nor any other person(s) accepts any responsibility for
the accuracy or
fairness of the opinions expressed in this announcement or the
underlying assumptions. Actual events or conditions are unlikely to
be consistent with, and may differ significantly from, those
assumed. In light of these risks, uncertainties and assumptions,
the events in the forward-looking statements may not occur. No
representation or warranty is made that any forward-looking
statement will come to pass. No one undertakes to update,
supplement, amend or revise any forward-looking statements. You are
therefore cautioned not to place any undue reliance on
forward-looking statements.
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