Deliveroo’s losses close to £300m in year

Losses at takeaway delivery firm Deliveroo rose to almost £300 million in 2021 as it continues to invest in its growth plans.

The company, headed by its founder Will Shu, posted a £298 million pre-tax loss for the year, compared with a £213 million loss in 2020, but insisted it has a long-term plan for profitability.

The news comes as it reported a 67% jump in transaction value to £6.6 billion, driven by a 73% increase in order numbers.

Deliveroo also sounded a warning over ongoing inflationary challenges, the loss of economic stimulus and the economic impact of the war in Ukraine.

Will Shu said: “We have continued to make good progress in executing our strategy and I am proud of our performance in 2021.

“Particularly encouraging to me was our performance in the UK and Ireland, where we continued to grow our market share and achieved profitability on an adjusted earnings basis in a competitive environment – highlighting the strength of our consumer value proposition.

“At the same time, this year it is clear that all three sides of our marketplace in Europe will face headwinds due to inflationary pressures, the removal of economic stimulus and the broader geopolitical and economic impacts of the conflict in Ukraine.

“We will continue to monitor developments closely.