Deliveroo Suffers Further Losses As Demand For Food Delivery Eases Back
Food delivery giant Deliveroo has posted widened pre-tax losses as the demand for takeaways eased back due to the ongoing cost-of-living crisis.
In its half-year results, the group revealed a pre-tax loss of £147.3 million, compared with £95.4 million a year earlier.
Adjusted EBITDA losses almost trebled year-on-year, from £25.8 million to £67.9 million. The group also saw a growth in sales by gross transaction value (GTV) to 2% on a constant currency basis in the second quarter, down from 12% in the previous three months.
According to the group, its grocery offering strengthened with expanded and new partnerships in the UK and Ireland with Waitrose, Sainsbury’s, Co-op, Asda, and Spar.
“So far in 2022, we have made good progress delivering on our profitability plan, despite increased consumer headwinds and slowing growth during the period,” Deliveroo founder and chief executive Will Shu said.
The original article is on DELIVEROO SUFFERS FURTHER LOSSES AS DEMAND FOR FOOD DELIVERY EASES BACK