Deliveroo: Steady Top-Line Growth Despite Headwinds While 2023 Guidance Confirmed

Deliveroo reported a 2023 first-quarter trading update with gross transaction value and orders down 1% and 9% respectively. Within this, the U.K. and Ireland fared particularly well, especially compared with competitors with GTV growth at 6% and orders down 3% versus Just Eat Takeaway's GTV down 6% and orders down 11% in the same period and market, implying market share gains. Zooming in on the main drivers behind the significant top-line growth slowdown, this seems to be customer churn, with the average monthly order frequency remaining stable (3.4). Average monthly active consumers were lower on a sequential basis in its U.K. and international segments (from 4.1 million to 4.0 million and from 3.3 million to 3.1 million respectively).