Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Deliveroo shares slide as 350 jobs loss spooks market confidence

by March 16, 2023
March 16, 2023
Deliveroo shares slide as 350 jobs loss spooks market confidence

Deliveroo shares have continued to pedal downwards this morning as investors struggle to regain confidence in the brand following its decision to slash some 350 job roles and disastrous IPO listing.

It comes as the food delivery group, which has seen its share price fall consecutively over the past 12 months due to tough market conditions, posted a 14 per cent revenue increase to £1.9bn – however it did not appear to be enough to sway market confidence.

The listed takeaway service revealed net cash was down 23 per cent to £996m from £1.2bn in the same period last year as chief Will Shu noted that the macroeconomic outlook for the company “remains uncertain”.

The pandemic favourite, also reported a gross profit rise of 30 per cent of £643m up from 495m in 2021.

“The macroeconomic outlook for the year ahead remains uncertain, but our record in the past 12 months makes me optimistic about our ability to adapt and continue to deliver on our plans to drive profitable growth,” Shu said.

The fall in investor confidence comes as Shu announced last month that he had been forced to slash 350 job roles across all levels as it attempts to navigate a difficult economic outlook and a decline in take away sales post pandemic.

At the time, the chief confessed that the company grew its headcount “very quickly” –  a result of the Covid-19 pandemic which saw consumers lean heavily on takeaway services as restaurants were legally required to close.

While the delivery service appears to be on the path to recovery, a series of professional  mishaps has shattered investor confidence in the groups.

Last summer, Deliveroo slashed sales forecasts predicting that the rising cost of living would lead to a slowdown in consumer spending.

Moreover, the group’s disastrous £8bn listing in March 2021, saw shares plunge 60 per cent last year – they have struggled to recover since.

John Coldham, retail partner at Gowling WLG, said: “Following the boom during the pandemic for food delivery services, Deliveroo has experienced a drop in sales as demand begins to normalise, particularly with the current cost of living crisis meaning consumers’ appetite to order takeaways is low.”

Read more:
Deliveroo shares slide as 350 jobs loss spooks market confidence

0
FacebookTwitterGoogle +Pinterest
previous post
John Lewis falls to £78m loss and ditches staff bonus
next post
4 Best Practices To Ensure Safe And Seamless Shipping

You may also like

A Complete Guide to Email Marketing Services

August 19, 2022

Getting To Know You: Paul Eatock, MD, Eatock...

November 27, 2023

Privacy Coins – Will they Survive the Next...

December 29, 2022

How to increase productivity from your workforce

February 18, 2025

Moody’s warns car finance scandal could cost lenders...

November 20, 2024

Getting to Know You: Ivo Gueorguiev, Co-founder, Paynetics

August 1, 2024

Teaching AI as important as Maths and English,...

August 14, 2023

How Do Business Loans Work?

October 3, 2022

Wealthy Wisdom: Personal Finance Strategies for a Brighter...

April 21, 2024

Elon Musk calls for ‘new election in Britain’...

January 3, 2025

A Complete Guide to Email Marketing Services

August 19, 2022

Getting To Know You: Paul Eatock, MD, Eatock...

November 27, 2023

Privacy Coins – Will they Survive the Next...

December 29, 2022

How to increase productivity from your workforce

February 18, 2025

Moody’s warns car finance scandal could cost lenders...

November 20, 2024

Getting to Know You: Ivo Gueorguiev, Co-founder, Paynetics

August 1, 2024

Teaching AI as important as Maths and English,...

August 14, 2023

How Do Business Loans Work?

October 3, 2022

Wealthy Wisdom: Personal Finance Strategies for a Brighter...

April 21, 2024

Elon Musk calls for ‘new election in Britain’...

January 3, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025
    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025
    • Trump administration defends US and Israeli sovereignty with new sanctions against four ICC judges

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,544)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved