Deliveroo dives £294m into the red

DELIVEROO has insisted that it was on the path to profit despite racking up another year of losses.

The food delivery app lost £294m in 2022 – though this was smaller than the £330.5m loss it made in 2021.

And bosses pointed to an improvement in earnings during the second half of the year, telling investors it performed ‘significantly ahead of expectations’.

Revenue was up 14pc to £1.9bn. Chief executive Will Shu said that the outlook ‘remains uncertain’ but he was ‘optimistic’ about its ability to adapt.

Last month it said it was cutting 350 jobs, around one tenth of its non- driver workforce as takeaway delivery firms suffer a sharp slowdown following the end of Covid restrictions, with pressure mounting on household incomes.

Deliveroo said that while orders rose 5pc to 299.2m in 2022, they were down 2pc in the final quarter.

Its shares fell 0.8pc, or 0.68p, to 88.86p.