Will Shu, founder and chief executive of Deliveroo, said consumer behaviour 'may moderate later in the year'. Courtesy: Deliveroo
Will Shu, founder and chief executive of Deliveroo, said consumer behaviour 'may moderate later in the year'. Courtesy: Deliveroo
Will Shu, founder and chief executive of Deliveroo, said consumer behaviour 'may moderate later in the year'. Courtesy: Deliveroo
Will Shu, founder and chief executive of Deliveroo, said consumer behaviour 'may moderate later in the year'. Courtesy: Deliveroo

Deliveroo cuts losses and sees orders double in first half of 2021


Alice Haine
  • English
  • Arabic

Deliveroo cut its pre-tax losses by almost a fifth to £104.8 million ($144.89) in the first half of 2020, as revenue surged 82 per cent to £922.5m and orders doubled, the British food delivery firm said on Wednesday in its first results since its disastrous initial public offering.

The London-based company said the value of the orders on its platform more than doubled to 148.8 million in the first six months of 2021, compared to the same period a year ago.

The firm, which connects customers with more than 115,000 restaurants and grocers in the UK and 11 other countries, including the UAE, said its gross transaction value (GTV) - a measure of the total goods ordered including fees - rose 102 per cent to £3.39 billion.

Will Shu, founder and chief executive of Deliveroo, said the strong performance in the first half of the year showed the company is continuing to make progress.

"As a result, I believe that we are well positioned to take advantage of the huge opportunity ahead,” Mr Shu said in a statement on the London Stock Exchange, where its shares are listed.

"We are seeing strong growth and engagement across our marketplace as lockdowns continue to ease.”

The company said the strong value of orders on its platform indicate no material impact from the wider reopening of restaurants in the UK - its biggest market - in the second quarter.

"As reflected in our guidance, whilst we expect that consumer behaviour may moderate later in the year, we remain excited about the opportunity ahead and our ability to capitalise on it,” Mr Shu said.

Food delivery companies have been one of the biggest gainers during the pandemic lockdowns in the UK, as consumers turned to take-outs instead of dining out.

However, GTV in the UK market rose 110 per cent in the first six months of 2021 compared with the first half of last year, while its UK expansion is also firing up with its services now able to reach almost three-quarters of the population.

Meanwhile, international GTV was up 95 per cent during the same period, reflecting differing patterns of reopening around its overseas bases as well as the varying impact of lockdown restrictions in each country.

Adam Vettese, analyst at multi-asset investment platform eToro, said Deliveroo is slowly winning over the doubters “after a calamitous start to life as a public company”.

“The takeaway delivery service’s shares have risen strongly over the past five months since its disastrous March IPO, dubbed the ‘worst in London’s history’, netting ‘day one’ investors a return of nearly 30 per cent,” Mr Vettese said.

“Its order numbers and value have come in well ahead of expectations in the first half of the year, while its cash position has been materially boosted by the IPO.”

Ahead of the half-year results, Deliveroo has seen its share price rise about 12 per cent this week to £3.63 by the end of Tuesday after German rival Delivery Hero disclosed it had a 5.1 per cent stake in the company.

The deal makes Delivery Hero a top-10 shareholder in Deliveroo, with the move offering a much needed boost to its share price after its disastrous debut on the LSE on March 31, that saw more than £2bn wiped off the company's £7.59bn value.

However, Deliveroo is yet to achieve the £3.90 price it initially went public with. On Wednesday, the share price dipped 1.49 per cent to £3.57 at 8.55am London time.

Mr Shu said he had not had any talks with his counterpart at Delivery Hero since the Berlin-based company took a stake last week, adding he viewed the move as financial.

"I think his (Delivery Hero's chief executive Niklas Oestberg) view was: the stock's undervalued, I'm gonna start buying, and I know the space super well," he said in an interview on Wednesday after Deliveroo published its first-half results.

"This is in my view just a financial investment."

Looking ahead, Mr Vettese said critics of the company continue to challenge Deliveroo’s business model and the way it treats its workers, as well as the fact it has still never turned over a profit, “although this is largely down the fact it is investing heavily in growth”.

“Eventually, investors will want to see both of those concerns rectified. If Deliveroo can’t do that, then it may find it a struggle to attract investors’ cash, regardless of whether its numbers impress or not,” Mr Vettese said.

Mr Shu maintained that demand for its service had been high, as the company widens its consumer base.

“We have, seen people continuing to order frequently and we now work with more food merchants than any other platform in the UK,” he said.

The company also reported strong employee satisfaction, with 85 per cent of riders globally saying they are satisfied or very satisfied working with the company as rider attraction and retention rates remain high despite rising job vacancies across economies.

"More riders are choosing to continue to work with the company because they value the work we offer,” Mr Shu said.

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March 4-8: First Test, Rawalpindi  

March 12-16: Second Test, Karachi 

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March 29: First ODI, Rawalpindi

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April 2: Third ODI, Rawalpindi

April 5: T20I, Rawalpindi

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.9-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E353hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh408%2C200%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
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UAE currency: the story behind the money in your pockets
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Abu Dhabi GP Saturday schedule

12.30pm GP3 race (18 laps)

2pm Formula One final practice 

5pm Formula One qualifying

6.40pm Formula 2 race (31 laps)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

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Wael Kfoury
(Rotana)

UAE currency: the story behind the money in your pockets

Florida: The critical Sunshine State

Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991. 

Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.

In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.

UAE currency: the story behind the money in your pockets
Barings Bank

 Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
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Barings Bank collapsed in February 1995 following colossal
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Leeson gambled more than $1 billion in speculative trades,
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MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

Game is on BeIN Sports

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

JOKE'S%20ON%20YOU
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Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

Fire and Fury
By Michael Wolff,
Henry Holt

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

UAE currency: the story behind the money in your pockets
RESULTS

Argentina 4 Haiti 0

Peru 2 Scotland 0

Panama 0 Northern Ireland 0

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

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While you're here
The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

2289 - Dh10

2252 - Dh50

6025 - Dh20

6027 - Dh100

6026 - Dh200

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco

Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco

Updated: August 11, 2021, 9:07 AM`