STORY: Deliveroo will make up to $60 million in core earnings this year as it focuses on profitability.

That was the forecast by the British meal delivery firm Thursday (March 16).

It comes after a positive end to last year, when Deliveroo reported adjusted core earnings of nearly $8 million.

That was up from the loss of over $100 million it saw a year before.

CEO Will Shu said the firm had made progress to become profitable, despite a tough consumer environment.

Shu said the rise was driven by optimising consumer fees.

He also credited lower marketing spend and new revenue from advertising on its platform.

But he said the outlook was still volatile.

Last month, the group announced it was cutting 9% of its workforce as order growth slowed.

Deliveroo shares were down 3% on Thursday.