Deliveroo PLC (LSE:ROO) shares were ahead in the first hour of trading following a positive update on its recent performance, driven by increased orders and spending across its platform.
Despite challenging consumer confidence in the UK, the delivery giant reported a 5% rise in UK and Ireland orders to 43.1 million in the fourth quarter of 2024 compared to the same period last year.
Gross transaction value (GTV) in these regions climbed 9% to £1.2 billion.
The group’s total GTV, including operations in France, Italy, and the UAE, rose 7% to £2 billion.
Founder and CEO Will Shu highlighted growth in grocery services, enhanced loyalty programmes, and new retail partnerships with brands.
Broker Panmure Liberum said: "Overall numbers are in line with consensus, but different trends in the different segments."
It noted that while the UK performance had been ahead of expectations, the international business had disappointed, with the drag factor being Hing Kong, where competition is heating up.
P-L says 'buy' up to 210p a share. Early on, the stock was up 5% at 135.6p.