Britain’s Deliveroo said on Tuesday that consumer spending could slow for the remainder of the year after the food delivery firm reported higher order values for the first quarter.
The warning comes as Europeans face a cost-of-living squeeze due to higher energy bills and soaring inflation, exacerbated by the Russia–Ukraine crisis.
The quarterly 12 percent growth in gross transaction value (GTV), the money value of all food orders on its platform, was higher compared to a year earlier, but shares fell 3 percent in early trading and analysts turned sceptical.
“For a growth company like Deliveroo, this (quarterly GTV growth) is not a stellar figure. Actually, it is a warning that the rest of the year is going to be quite volatile,” said AJ Bell analyst Danni Hewson.
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