Deliveroo doubles Q1 orders, seeks IPO redemption

Food delivery company Deliveroo said its orders more than doubled in the quarter to end-March, in its first trading update since its highly anticipated listing in London last month flopped.

Chief Executive Will Shu said demand was strong in its UK, Ireland and international markets, driven by record new customer growth as well as continuing demand from its existing customers.

Shu said it was the company's fourth consecutive quarter of accelerating growth, but added Deliveroo was "mindful of the uncertain impact" of lifting lockdown.

The company is confident it will continue to attract consumers, restaurants, grocers and riders throughout 2021.

But it's taking a prudent approach.

Deliveroo said it expected the rate of growth to slow as restrictions eased and people could eat out again.

The firm's float in London was heralded as the debut of the decade, but it soured when the stock fell 30% on the first day, wiping more than 3 billion dollars off the company's initial valuation at 7.6 billion pounds, or roughly $10.5 billion.

Some of Britain's biggest investment companies shunned the listing, citing concerns about gig-economy working conditions and the share structure.