Despite a decline in the number of orders in the first quarter of the year, Deliveroo PLC (LSE:ROO) benefitted from continued food price inflation as revenues and the value of orders still rose.
Revenues grew 7% to £512mln in the first three months of 2023, or 4% at constant currency rates.
Despite a 9% decline in order numbers to 72.1mln in the quarter, gross transaction value (GTV) rose 2%, helped by inflation and foreign exchange swings, falling 1% at constant currency rates.
So even in spite of lower popularity of its service, as confirmed by wider UK takeaway trends, GTV per order rose 12.2% to £24.2.
This was apparent in the UK and internationally, where revenue grew 12%, GTV 6% and GTV per order 9%, while orders fell 3%.
International revenues fell 5% at constant currency rates, up 1% thanks to forex swings, while GTV fell 15% at constant rates and with orders down 15%, GTV per order rose 13% or 7% at constant currencies.
Will Shu, founder and chief executive, called it a resilient performance, “particularly in the context of inflationary pressures and the ongoing cost of living crisis”.
He said the company remained confident about delivering profitable growth and sustainable cash generation, having last month pledged to improve earnings in 2023