Deliveroo PLC (LSE:ROO) has reported modest growth in gross transaction value (GTV) and revenue, driven by a strong performance in the UK & Ireland, although order levels fell.
The online food delivery firm described a 5% rise in GTV in the third quarter to £1.70 billion from £1.64 billion the year before as “robust”, supported by a 9% increase in the UK & Ireland operation.
The decline in international GTV reduced to 1%, with improving trends across most markets, including France, the company said.
Order levels fell 1% to 69.7 million from 70.1 million but Deliveroo said this was nonetheless an “improving trend”.
GTV per order climbed 5% to £24.30 from £23.40 while revenue edged 3% higher to £487 million from £481 million.
Revenue growth lagged the rise in GTV due to previously-flagged investments.
Looking ahead, Deliveroo expects GTV percentage growth in the lower single digits in constant currency and adjusted EBITDA in the range of £60-80 million.
Will Shu, founder and CEO of Deliveroo, was upbeat: “My confidence in our ability to drive growth and deliver on our goals for profitability and sustainable cash flow generation has never been stronger.”