Large underpenetrated markets

Three key consumer verticals of restaurant, grocery and retail represent a combined TAM of £1.5 trillion, with only c.12% of spend currently online.

Strong cohort fundamentals

Consistent growth from increasing average order frequency in existing cohorts and adding large new cohorts each year; post-Covid-19 and inflationary impact now beginning to normalise.

Efficient logistics network

Hyperlocal density and focus on reducing ‘rider experience time’, allowing us to optimise delivery costs and enable riders to increase earnings opportunities.

Disciplined market focus

Strong local positions prioritising the largest profit pools in a market; track record of portfolio management to focus on markets with most attractive long-term potential returns.


combined TAM for restaurant, grocery and retail

Further improving CVP

Strengthening consumer trust by promoting fair prices and improving the in-app and delivery experience, and increasing loyalty by expanding our Plus programme.

Adding new use cases and verticals

Scaling our retail vertical to meet consumer appetite for ondemand, non-food retail products, expanding grocery into mid-sized baskets and growing our advertising business.

Capturing delivery efficiencies

Smarter order stacking, merchandising and incentives for merchants to control delivery costs without unduly harming consumer or rider experience.

Marketing and overheads programme

Building on recent gains to increase marketing and promotions efficiency, improve tooling and AI automation, leverage location strategy and achieve third-party savings.


annualised GTV run-rate for grocery in Q4 2023

Innovation in our DNA

Continuous drive to test and learn, a Company trait that led to pioneering of delivery-only kitchens and on-demand grocery, and the first subscription model in the industry.

Consumer obsession

‘Living and breathing the marketplace’ to understand consumers, riders and merchants; high level of empathy through primary research, and caring deeply when things go wrong.

Operational excellence

Experienced leadership team with high attention to operational detail, embracing repeatable processes and automation, and building scalable technology.

Strong capital position

Net cash of £679m (Dec-23) provides the financial resources to maintain and strengthen market positions and pursue growth opportunities while providing appropriate headroom.


structurally surplus capital announced and returned to shareholders in 2023

Riding and thriving

Offer riders flexible work, attractive earnings, security and learning opportunities.

Enabling healthy eating

Give consumers the best selection, availability and value in healthier options, and the tools to help them make informed choices.

Support for merchants

Provide merchants with tech, operations and innovation to support sustainable, profitable growth.

Reaching net zero, reducing waste

Net zero on Scopes 1 and 2 by 2035, and Scope 3 by 2050 (2040 for delivery emissions). Reduce our food and packaging waste and help merchants and consumers to do the same.

Tackling food insecurity

Reduce food insecurity in our communities through partnerships and direct action.

Diversity, equity and inclusion (‘DE&I’)

Attract and develop a gender-balanced and more equitable workforce, reflecting our consumers and supporting DE&I across our marketplace.


global rider satisfaction score in Q4 2023

83% in Q4 2022