Deliveroo has seen revenues skyrocket 82 per cent over the first half of the year as it says that the end of lockdown has had “no material impact” on sales in the second.
Deliveroo saw order numbers double from 74.5 million to 148.8 million in the first six months of 2021, driving gross transaction values to top £3.4 billion.
In its first financial results since going public in March, Deliveroo reported a revenue rise of 82 per cent to £922.5 million.
Its monthly active users also rose by over 80 per cent hitting 7.8 million people for the first time.
Despite the staggering rise in users and revenues Deliveroo, which is yet to turn a profit, still made a loss of £104.8 million.
This loss remained a marked improvement on its previous period, narrowing losses by nearly a fifth and seeing its gross profit margin improve by 100 basis points.
The positive figures come as Deliveroo’s stock continues its recovery from what was dubbed “London’s worst IPO” earlier this year, in which it saw stock drop 26 per cent from its listing price of 390p per share.
Earlier this week German rival Delivery Hero announced that it had built a five per cent stake in Deliveroo, sending the companies shares up 10 per cent.
This topped off a near 18 per cent rise in its share price over the last few weeks, but Deliveroo continues to trade below its original listing price.
Looking ahead Deliveroo said that so far in the second half of 2021, the emergence from lockdown has not impacted its sales.
However, it remained cautious stating that “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”.
“We are seeing strong growth and engagement across our marketplace as lockdowns continue to ease,” Deliveroo’s chief executive Will Shu said.
“Demand has been high amongst consumers.
“We have widened our consumer base, seen people continuing to order frequently and we now work with more food merchants than any other platform in the UK.”