Deliveroo arrived on the stock market to much fanfare during the pandemic, hailed by Rishi Sunak, the chancellor at that time, as a “true British tech success story”. Three years on, its shares languish at about a third of the initial 390p float price.
Its dilemma remains how to secure a clear, profitable lead in a highly competitive sector, while balancing the demands of its gig economy workers and cash-squeezed customers. The company has never reported a net profit — but on the face of it, its latest full-year results seemed promising.
Adjusted earnings before interest, tax and other charges of £85 million were positive for the first time, compared with a loss of £45 million in 2022. The adjusted pre-tax margin, which it measures
