Q2 2021 Trading ahead of expectations, annual GTV growth guidance increased for the full year
Deliveroo PLC is providing an update on guidance for the full year alongside an update on trading for the second quarter of 2021 versus the comparable period in 2020.
- GTV1 has grown 76% year on year at the group level in the second quarter of 2021 to £1,739m (81% growth in constant currency). In the same period GTV in the UK and Ireland has grown 87% year on year to £921m (88% growth in constant currency) and GTV in the Group’s international segment has grown 65% year-on-year to £818m (75% growth in constant currency).
- Orders grew 88% year on year at the group level to 78m in the second quarter of 2021. In the same period orders in the UK and Ireland grew 94% year on year to 38m and orders in the Group’s international segment grew 83% year-on-year to 40m.
Deliveroo has seen continued strong growth and consumer engagement in H1, and as a result of that plus increased expectations for H2 is increasing the guidance for full year annual GTV growth from between 30% to 40% to between 50% to 60%.
Implied growth rates of guidance
| Actual | Implied from guidance | |||
| TOTAL GROUP | H1 2021 | H2 2021 (low) | H2 2021 (mid) | H2 2021 (high) |
| GTV £m | 3,386 | 2,729 | 2,933 | 3,136 |
| YoY growth % | 99% | 15% | 24% | 32% |
| Growth vs. 2019 % | 186% | 110% | 126% | 142% |
Deliveroo sees an opportunity to make further discretionary investments into growth opportunities in the second half, and as a result of accelerating these investments in H2, along with an expectation that AOV reverts towards pre-COVID levels, we are confirming our full year gross profit margin guidance (as a % of GTV) and expect it to be in the lower half of our previously communicated range.
Deliveroo will be reporting its H1 2021 results on August 11th.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is being released on behalf of Deliveroo PLC by Catherine Sukmonowski, Company Secretary.
1 GTV is “Gross Transaction Value”: the total value paid by consumers, excluding any discretionary tips. GTV comprises the total food basket, including consumer fees, net of any discounts, and is represented including VAT and other sales-related taxes.
Contacts
Investor relations
Lorraine Rees investors@deliveroo.co.uk
Media relations
Joe Carberry, VP Communications 07787 561905
Romilly Dennys, Head of Corporate Communications, UKI 07786 221309
Tulchan Communications, James Macey White, Jessica Reid, Mark Burgess, Deliveroo@tulchangroup.com
About Deliveroo plc (‘Deliveroo’ or ‘the Company’)
Deliveroo is on a mission to build the definitive online food company. We want to be the platform that people turn to whenever they think about food. Further information regarding Deliveroo is available on the Company's website at https://corporate.deliveroo.co.uk/
Additional Notes
1. All figures in this trading update are unaudited and exclude Germany and Taiwan discontinued operations for the comparative period.
2. All growth rates reflect a comparison to the three-month period ended 30 June 2020 unless otherwise stated.
3. References to “Q2” are to the three-month period ended 30 June 2021, unless otherwise stated. References to the “year” or “full year” are to the financial year ending 31 December 2021.
This announcement may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target", "believe", "expect", "aim", "intend", "may", "anticipate", "estimate", "plan", "project", "will", "can have", "likely", "should", "would", "could" and any other words and terms of similar meaning or the negative thereof. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments, including, among other things, the development of its business, trends in its operating environment, and future capital expenditures and acquisitions. The forward-looking statements in this announcement speak only as at the date of this announcement. These statements reflect the beliefs of the Directors, (including based on their expectations arising from pursuit of the Group's strategy) as well as assumptions made by the Directors and information currently available to the Company.
Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and none of the Company nor any member of the Group, nor any of such person's affiliates or their respective directors, officers, employees, agents and/or advisors, nor any other person(s) accepts any responsibility for the accuracy or fairness of the opinions expressed in this announcement or the underlying assumptions. Actual events or conditions are unlikely to be consistent with, and may differ significantly from, those assumed. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No representation or warranty is made that any forward-looking statement will come to pass. No one undertakes to update, supplement, amend or revise any forward-looking statements. You are therefore cautioned not to place any undue reliance on forward-looking statements