Deliveroo surprises with sharp rise in orders

Deliveroo’s orders grew faster than expected in the fourth quarter, driving the firm to hit the top end of its full-year guidance and providing a lift after the stock languished since going public in 2021. Shares in the company gained as much as 6.1% in London on Thursday, the most since August.

“We’re really pleased with how we performed vis-à-vis year-on-year versus a very restricted period a year ago,” Deliveroo CEO Will Shu said in an interview. Full-year gross transaction value rose 70% year on year in constant currency, the edge of the previously projected 60% to 70% range, the London-based food delivery company said in a statement on Thursday. Fourth-quarter GTV gained 36% to £1.7bn, while analysts surveyed by Bloomberg had expected gains of 28.3%.

Addressing new rules from the European Commission that could affect millions of gig economy workers, Shu told analysts on a conference call that he generally viewed the proposals positively and that they put Europe on a path to further clarity.

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