Deliveroo made a nearly £300m loss last year but remains adamant that it is making “excellent progress on the path to profitability”.
Customers around the globe placed more than 299 million takeaway and grocery delivery orders with Deliveroo last year, up 5% from 2021.
The increase in order numbers, coupled with the rise in average order value, meant gross transaction value increased 9% to £6.85bn in 2022.
From that, Deliveroo generated revenue of £1.97bn – 14% high than what it turned over the previous year.
Gross profit came in at £643.2m but after deducting costs, Deliveroo posted a loss for the year of £294.1m, which was better than the £330.5m it racked up in 2021.
During the period, Deliveroo burned through a quarter of its cash pile, ending the year at just below £1bn.
Chief executive Will Shu said he was “proud of our performance in the past 12 months” and added that reaching adjusted underlying profitability in the second half of last year was a “major achievement” and nearly two years ahead of schedule.
Despite this, Deliveroo shares dropped as Shu also said the macroeconomic outlook for the company “remains uncertain”.
Last month, Deliveroo announced it had slashed 350 jobs at all levels of the business as it seeks to navigate the cost-of-living crisis and a decline in takeaway sales post-lockdowns.
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