Connect with us

Hi, what are you looking for?

Investing

Deliveroo provides a positive outlook after sharp revival

Deliveroo

Deliveroo has insisted it has been profitable at an operating level for more than six months after racking up losses of £320 million in the previous financial year and coming close to going bust.

The online food delivery company said yesterday that as well as adding 46,000 restaurants to its platform this year, taking the total to 140,000, it has expanded the number of grocery stores it works with to 1,500, including Waitrose, Sainsbury’s, Morrisons, Aldi and Carrefour.

It launched its delivery services in 187 new towns and cities, and is now operating in almost 800 in 12 countries around the world. It doubled the number of riders to more than 110,000. In May last year, it announced a $575 million fundraising round led by Amazon, valuing it at $4 billion. In April, the Competition and Markets Authority provisionally cleared Amazon’s $500 million investment after accepting that the food delivery firm would go bust without it.

Deliveroo said that with regulatory clearance secured on competition grounds it planned to expand further.

Its ambitious plans follow a tough 2019. While revenues were up 62 per cent at £771.8 million, its operating losses widened from £257.1 million to £319.9 million on higher costs and investment.

However, it said that after the fundraising there was “no reasonably possible scenario which would result in the business being out of cash in the foreseeable future”. It said that its long-term growth prospects remained positive.

Read more:
Deliveroo provides a positive outlook after sharp revival

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Deliveroo scored a fresh victory in the legal fight for its riders to be recognised as self-employed yesterday when the Court of Appeal ruled...

Investing

Foreign holidays in the Balearic islands, Malta and Madeira were given the go-ahead last night despite threats from the European Union to close the...

Economy

A modern take to a classic – express yourself with the newest Suzuki sub-compact SUV Suzuki Philippines Inc. (SPH), the country’s pioneer compact car...

Economy

CDO Foodsphere stands out as one of the enterprises that have been actively helping the country during the COVID-19 pandemic. The company serves as...

Economy

THE BANGKO Sentral ng Pilipinas (BSP) kept its key interest rate at a record low for a fifth straight meeting on Thursday, as it...

Economy

S&P GLOBAL RATINGS lowered its 2021 growth forecast for the Philippines to 6% on Thursday, as low public mobility amid the coronavirus pandemic continues...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!