Deliveroo reports a £ 223m loss as it seeks launch on the London Stock Exchange

Grocery shipping company Deliveroo has reported that it suffered a six-figure loss over the past year.

This is because the London-based company is confirming its intention to launch an initial public offering (IPO).

The loss for 2020 was £ 223.7m compared to £ 317.3m in 2019 – an improvement of almost £ 100m.

The company’s gross transaction value increased 64.3 percent over the reporting period, from £ 2.5 billion in 2019 to £ 4.1 billion in 2020.

The IPO enables customers and investors to purchase shares in the company.

Will Shu, Founder and CEO of Deliveroo, commented, “Today we operate in 12 markets around the world. 115,000 grocers, over 100,000 drivers, millions of consumers.

“We have focused each month and year on getting better – sometimes gradually and sometimes by leaps and bounds – focusing on good food, and being obsessed with customers. But the last 12 months have been different.

“I was sad to see a lot of our partners struggling – restaurant owners I’ve known for years to close and ruin – all because of a terrible virus. So we took steps to help.

“We reached out to them, brought them new technology, walked them through the new rules so we’re all safe, made more edition kitchens available, and made sure they could get their groceries to their customers.

“Together we have delivered nearly a million meals to NHS frontline workers. I realized how far we had come. We all work together – restaurants, drivers, consumers and Deliveroo – as one community.

“Now we are taking the next big step on our way by allowing everyone to participate in our future.

“So we plan to bring Deliveroo to the public here in London, the city where it all started – and we plan to offer our customers across the UK the opportunity to own some of the business.”

London Herald