2023 was a good year. It was a good year from the vantage point of our results, but also for laying the foundations of the future. We continued to face a difficult macroeconomic environment, but we focus on what we can control, which has led to strong financial and operational results.
Will Shu
Founder & Chief Executive Officer
FInancial highlights1
Revenue2
£2.03bn
+2%2 vs 2022
GTV*
£7.1bn
+3%2 vs 2022
Gross transaction value (‘GTV’)*
Gross profit
£726m
10.3% (as % of GTV)*
2022: £643m and 9.4%
Adjusted EBITDA*
£85m
1.2% as % of GTV
2022: £(45)m and (0.7)%
Loss before income tax
£(11)m
vs £(231)m in 2022
Net cash*
£0.7bn
vs £1.0bn at end of 2022
1 Full discussion of financial statements on pages 143-184.
2 Year-on-year growth rate shown in constant currency*.
To supplement performance assessment, Deliveroo uses alternative performance measures (‘APMs’), which are not defined under IFRS. The first instance of each APM is indicated with an asterisk (*); definitions and further details are provided on page 187.
As I reflect on the past year and our progress as a company, I am proud of how far we have come. Not only what Will has achieved since starting Deliveroo 11 years ago but also how we have evolved since our IPO in April 2021. As a Board we committed to setting high standards of governance for ourselves – to reflect the demands of a public company. While we focus continuously on how we can do things better, events over the past year in particular, underline our confidence that we have the right platform in place to achieve our ambitions.
Claudia Arney
Chair
Our Three-sided marketplace
Sustainability
At Deliveroo, we are committed to supporting our marketplace, our Company, our communities, and the environment around us.
We want to have a positive impact. This means supporting our consumers with access to healthier choices, our merchants with opportunities for growth and our riders with good work. We’re also working to make our Company and marketplace more inclusive, to reduce our impact on the environment, and to support communities facing food insecurity.
Our sustainability strategy guides six pillars of activity, and; is shaped by a materiality assessment of what matters most to Deliveroo and the Company’s diverse range of stakeholders. It is also shaped by where our action could have the most positive impact on society and the environment. We group these pillars into two ‘clusters’ through which we aim to deliver positive environmental and social outcomes: one cluster comprising the three sides of our marketplace - consumers, riders and merchants - and the other covering our Company, the wider environment, and the communities we operate in. Over the course of the year we have made good progress against each of the pillars. This review sets out our achievements during the year and our priorities for the year ahead.
Deliveroo’s sustainability strategy
Our six sustainability pillars
Marketplace
Riding and thriving
We want to give riders the flexible work they value alongside the security they deserve, as well as attractive earning and learning opportunities.
Enabling healthier eating
We want to give our consumers the best selection, availability and value in healthier choices, as well as the tools to help them make informed choices about what to order.
Supporting merchants to grow and be
more sustainable
We want to provide our merchants with new opportunities to grow revenues, increase brand value and maximise profit potential from online delivery, while supporting and enabling more sustainable behaviour.
Company, environment and communities
Reaching net zero and reducing waste
We want to reduce our own emissions and the amount of waste we produce.
Tackling food insecurity in our communities
We want to reduce food insecurity in our communities by establishing the right partnerships and taking direct action where we can.
Building a diverse and inclusive company and marketplace
We want to have a gender balanced and more equitable workforce that reflects our customers, and improve diversity, equity and inclusion (‘DE&I’) across our marketplace.
