Deliveroo PLC on Thursday said its first quarter revenue was largely unchanged on-year, as growth in the UK and Ireland segment was offset by falls elsewhere.

The London-based food delivery service said that group revenue in the first quarter of 2024 edged up 0.4% to £514 million from the £512 million reported in 2023.

Revenue rose 2.3% in the UK & Ireland unit, but fell 2.3% in its international arm.

First-quarter gross transaction value rose 4.8% to £1.83 billion, a rise of 6% at constant currency. Orders were 1.9% higher at 73.5 million.

Looking ahead, the company still expects to see full-year adjusted earnings before interest, tax, depreciation and amortisation between £110 million to £130 million, a 53% rise at best from the £85 million in adjusted Ebitda reported for 2023.

Constant currency gross transaction growth is expected to be between 5% and 9% for the full year, and free cash flow is predicted to be positive for the year.

Deliveroo shares were up 6.4% to 129.00 pence each in London on Thursday morning.

Founder & Chief Executive Officer Will Shu said: ‘I am pleased with the start we have made to this year, building on the strong progress in 2023. The team has been relentlessly focused on delivering service and value for money, helping drive a return to order growth and continued growth in gross transaction value. We made particularly strong progress in international markets during the quarter, with notable improvements in France, UAE and Hong Kong, and continued strength in Italy.

‘In the UK & Ireland, while the consumer environment remains stable but uncertain, our commitment to offering fair prices and a flawless consumer experience is building strong foundations for the future and will continue to differentiate our business. I’m excited about building the best consumer experience possible and am confident in our ability to drive profitable growth and sustainable cash generation.’

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