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Deliveroo delivers strong grocery growth in H1 2024; reports first six-month net profit

Deliveroo delivers strong grocery growth in H1 2024; reports first six-month net profit

Deliveroo has reported solid performance in its interim results for the first half of 2024, driven by execution on its strategic priorities, with a particular highlight being the strong growth in its grocery business.

Deliveroo shares surged more than ten percent Thursday after the international food delivery app struck its first six-month net profit, an achievement described as a "major milestone" by its boss.


Profit after tax stood at £1.3 million in the first half, which compared with a net loss totalling £83 million in the January-June period last year, as the British company continued to cut costs and as revenue edged higher.

"I am pleased with the performance we have achieved this half," chief executive Will Shu said in an earnings statement, 11 years after establishing the group.

The food delivery giant saw its gross transaction value (GTV) increase by 6 per cent year-on-year in constant currency. This was accompanied by a 2 per cent in revenue and a return to order growth of 2 per cent, all while maintaining a stable gross profit margin.

A key area of success was Deliveroo's grocery offering, which reached 14 per cent of group GTV in the first half of the year. This broad-based growth across markets was driven by improvements to the customer experience, increased awareness, and further penetration in mid-sized baskets (£30-£60).

The company also highlighted positive inflections in consumer behaviour, with frequency returning to growth and retention improving, supported by enhancements to Deliveroo's loyalty programme, including the introduction of a new premium tier, Plus Diamond.

Deliveroo maintained its guidance for the full year 2024, expecting GTV growth in the range of 5-9 per cent in constant currency and adjusted EBITDA in the upper half of the previously guided range of £110-130 million.

“The Deliveroo platform is more powerful than ever, and we remain responsive to the external environment while continuing to optimise our proposition for consumers, riders and merchants,” Shu said.

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National President Mo Razzaq 2024 serious 1 1
Fed National President Mo Razzaq

Indies: It’s criminal police and government turn blind eye to shoplifting

Independent retailers are demanding tougher police action, more bobbies on the beat and harsher punishments as shoplifting levels reach an all-time high, a new survey reveals.

A whopping ninety-one per cent of respondents to a survey conducted by the Federation of Independent Retailers (the Fed) called for more police patrols on streets, while a similar number - 90 per cent - said that shoplifters should be handed harsher sentences.

Seven out of 10 respondents (72 per cent) said their stores had experienced shoplifting, break ins and damage to property, while they and their staff had been physically or verbally threatened.

Just under half of respondents (47 per cent) said they and their employees had been threatened or had suffered abuse and violence when asking for proof of age ahead of selling an age-restricted product.

Forty-four per cent reported that they and their staff had faced abuse or violence because they had refused to make a proxy sale – selling an age restricted product to a customer buying for a minor.

The results of the Fed’s survey came as new figures from the Office of National Statistics revealed that shoplifting was at a record high, with almost half a million offences recorded last year.

According to the ONS, 469,788 offences were logged by forces in the year to June 2024 – a 29 per cent increase on the previous 12 months.

The ONS added that this figure was the highest since records began – in March 2003.

“Inadequate responses from the police and a slap on the wrist for offenders means that shoplifting is soaring, and offenders are becoming more aggressive and brazen,” said Fed National President Mo Razzaq.

“From the responses we received, it is clear that real action is needed by police, by courts and by the government to stem the overwhelming tide of crime against retailers and their staff. Everyone deserves to feel safe at work and for their businesses to be protected against criminals.

“Fed members are also sending a clear message that one of the catalysts for verbal and physical abuse in stores is asking for proof of age before selling an age restricted product. If the government presses ahead with its plans to phase out smoking and vaping through a progressive ban to gradually end the sale of tobacco products across the country, independent retailers will be subject to even greater levels of violence, abuse and theft.”

Calling for action from the government and not just words, Mr Razzaq continued: “Without effective deterrent, criminals and opportunistic members of the public will continue to commit crimes.”

According to Ministry of Justice statistics, during the year to March 2024, 431 fines were handed out for retail theft under £100, while Home Office statistics for the same period show that 2,252 cautions were accepted for shoplifting.

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