Cost cuts help boost profits at Deliveroo

TAKEAWAY delivery group Deliveroo said efforts to cut costs boosted profitability, despite a drop in orders amid a slowdown in demand.

Total group orders fell 2pc to 75.1m in the final three months of the year. In the UK and Ireland, orders remained flat, at 40.6m.

Deliveroo saw this offset as its restaurant and grocery partners raised prices per item, with gross transaction value lifting 6pc, leaving it with growth of 7pc for the full year – but far lower than its previous guidance of up to 12pc.

The figures come as takeaway deliverers are seeing a sharp slowdown in orders, amid a wider pull back in consumer spending in the cost crisis, with growth also easing back after a pandemic-driven boom during 2020 and 2021.

Rival Just Eat revealed on Wednesday a worsethan-expected drop in orders over the final three months of 2022, with order numbers down 12pc.