Deliveroo sees profit growth in 2023

Meal delivery firm Deliveroo on Wednesday said it was set to lift earnings this year and announced a £50m share buyback after an improved second half of 2022.

The company forecast core earnings of £20-50m. Gross transaction value (GTV), a key measure for the company, rose 9% year-on-year to £6.8bn, driven by continued market share gains in the UK and Ireland and key international markets such as France and Italy.

Revenue jumped 14% to £1.97bn and adjusted core losses narrowed to £45m from £100m.

GTV growth this year is anticipated to be low- to mid- single digits and growth in the first quarter is expected to be broadly flat, improving through the year, Deliveroo said.

Reporting by Frank Prenesti for Sharecast.com