Deliveroo: U.K. Segment Ahead With Continued Solid Relative Performance

Deliveroo's third-quarter trading update showed gross transaction value, or GTV, and orders rose 5% and fell 1% year over year, respectively. Within this, the U.K. and Ireland segment continued to outperform, especially compared with competitors. The segment's GTV growth was 9% and orders were up 3% versus Just Eat Takeaway's GTV—up 4% and orders down 3% in the same period—implying robust market share gains, though some of those gains may well be attributed to Deliveroo's more focused execution in the grocery segment. The international segment, about 40% of GTV, continues to lag the U.K. and Ireland, with orders down 5% and GTV down 1% in the third quarter. Revenue take rates were down 60 basis points year on year and 20 basis points quarter on quarter due to customer value proposition investments, which the company had previously flagged.