Full Year 2024 Deliveroo PLC Earnings Call Transcript
Key Points
- Deliveroo PLC (DROOF) achieved a year-on-year GTV growth of 6% and adjusted EBITDA of GBP130 million, marking a 52% increase.
- The company delivered a full year statutory profit and positive free cash flow for the first time.
- Deliveroo PLC (DROOF) saw a return to order growth, with a 2% increase in orders driven by improving retention and frequency trends.
- The advertising business scaled, representing 1.4% of GTV in Q4, up from 1% in Q4 '23.
- The grocery segment showed strong double-digit growth, contributing 16% of group GTV in the second half of 2024.
- Deliveroo PLC (DROOF) made the decision to exit the Hong Kong market due to demographic shifts and increased price sensitivity.
- Revenue growth of 3% in constant currency lagged behind GTV growth due to planned investments impacting the take rate.
- The company anticipates a drag on take rate and margin in 2025 due to the UK digital services tax.
- There is uncertainty in the consumer environment in European markets, with potential macro volatility and geopolitical uncertainty.
- Deliveroo PLC (DROOF) expects slower in-year margin progression in 2025 due to targeted investments in growth opportunities.
Good morning, and welcome to our '24 results presentation. I'm Will Shu, Founder, CEO of Deliveroo, and I'm joined by Scilla, our CFO. I wanted to start off by touching on the news from earlier this week. We made the decision to exit the Hong Kong market. I want to thank our former colleagues in Hong Kong for their commitment. This was a very hard decision but one that is right for the business.
Even though '24 was a really positive year for Deliveroo. We posted a year-on-year GTV growth of 6% and adjusted EBITDA of GBP130 million, up 52% year-on-year. We also hit two very important milestones. We delivered a full year statutory profit and positive free cash flow for the first time. From a financial perspective, we are a very different company than the one that went public four years ago, and we're proud of that transition.
At Deliveroo, we focus relentlessly on the CVP at our verticals, and that's driving signs of positive consumer engagement. We are reconfirming our growth and profitability targets that we set
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