Deliveroo
Highlights
1
? Good financial performance, with adjusted EBITDA ahead of guidance
? Resilient year of growth given macroeconomic conditions with gross profit up 13% and revenue and
GTV* up 3% (2% and 3%, respectively at constant currency*).
? Growth trend improved in the second half with H2 GTV up 5% year-on-year and orders recovering
through the year to be flat year-on-year in Q4.
? Significant progress on profitability with adjusted EBITDA* of £85 million (2022: £(45) million); adjusted
EBITDA margin (as a % of GTV)* increased to 1.2% (2022: (0.7)%).
? Profit improvement levers included: efficiencies in the delivery network, optimisation of marketing spend,
overheads savings and a higher advertising contribution.
? Loss for the period reduced by £262 million to £(32) million.
? Further progress towards sustainable cash generation
? Free cash outflow reduced to £(38) million (2022: £(243) million), which included £(20) million cash
exceptionals and excluded £32 million interest income.
? Net cash* of £679 million (2022: £1,000 million); £309 million total return of capital completed in 2023,
c.30% of net cash at the start of the year.
? Delivering for our consumers focusing on service and value for money
? Continued investment and innovation in consumer value proposition (CVP), with enhanced selection
and in-app experience, premium delivery, top-up grocery orders and launch of retail proposition.
? CVP initiatives driving clear benefits with higher NPS, lower average mark-ups by restaurants on the
platform, improvement in key service metrics and grocery reaching an annualised GTV run-rate of £1.0
billion in Q4, with particularly strong growth in mid-sized basket orders.
? Strategic priorities and targets outlined at recent Capital Markets Event
? Multiple opportunities for growth including further enhancing CVP (selection, price/value, Deliveroo Plus
and delivery experience) and new verticals and use cases (retail and mid-sized grocery baskets).
? Strong levers for profitability and cash flow including reducing rider wait time and smarter order
stacking, increased marketing efficiency, and greater automation to drive operating leverage as we scale.
? GTV growth: targeting mid-teens percentage growth per annum in constant currency in the medium term.
? Profitability: adjusted EBITDA margin (as % of GTV) target of 4%+ by 2026.