Deliveroo posts drop in first-quarter orders

Deliveroo reported a decline in first-quarter orders on Thursday as the cost-of-living crisis hit demand.

The company said revenue ticked up 4% in Q1 to £512m, but gross transaction value dipped 1% and orders fell 9%.

Deliveroo hailed a good performance in the UK & Ireland but softness in the international segment. UK&I revenue rose 11% to £299m, but revenue in international declined 5% to £213m.

Founder and chief executive Will Shu said: "Revenue growth of 4% and broadly flat GTV (both in constant currency) represents a resilient performance, particularly in the context of inflationary pressures and the ongoing cost of living crisis and against a challenging comparison base.

"Against this backdrop, I'm particularly pleased with our performance in UKI, reflecting a further improvement in our offering to consumers. We remain confident in our ability to deliver on our plans to drive profitable growth and sustainable cash generation."