Deliveroo PLC (LSE:ROO) reported slower growth in the first quarter of 2022 despite expanding its collaborations with Amazon in Europe and Waitrose and WH Smith in the UK.
Gross transaction value (GTV) for the takeaway food delivery service in the quarter was up 12% on a constant currency basis against the same period a year ago and up 3% compared to the fourth quarter of last year.
This compared to year-on-year GTV growth of 58% and 36% in the past two quarters.
Deliveroo said it was a “strong performance against a Q1 2021 comparison base that included lockdown restrictions in many markets”.
UK order numbers rose 20% and international orders 16%, compared to the group’s 73% order growth for the whole of last year.
Will Shu, founder and chief executive, kept his full-year guidance for GTV growth of between 15% and 25%, “with higher growth rate in H2 than in H1, given the challenging comparison base in H1”.
Underlying profit (EBITDA) margins are expected to be down 1.5%-1.8%.
“Our first quarter performance was in line with the guidance we provided in March,” said Shu, calling its “solid growth”.
He added: “Consumer behaviour may moderate during the year, and this is reflected in our guidance. We remain confident in our ability to adapt financially to any further changes in the macroeconomic environment.”