, Europe

Delivery Hero raises 2021 outlook following strong Q2 performance

The company continues to see “solid performance” across all its business segments.

Delivery Hero has raised its 2021 outlook after seeing quarterly revenues more than double.

The German delivery firm said it expects total segment revenues in a range of 6.4 to 6.7 billion euros (approx. US$7.52 -$7.87 billion) for the year compared to earlier expectations of 6.1 billion to 6.6 billion euros.

Quarterly revenues were at 1.55 billion euros compared to 757.5 million euros in the same period last year.

The company, which operates in about 50 countries across Europe, Latin, America, Asia, the Middle East and North Africa, also raised its 2021 forecast for gross merchandise volume (GMV) to a range of 33 to 35 billion euros from 31 to 34 billion euros.

It now expects a negative margin on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of minus 2% compared to previously forecast negative 1.5% to 2.0%.

“We continue to see solid performance across all business segments, with increasingly exciting developments in quick commerce,” Delivery Hero chief financial officer Emmanuel Thomassin said.

In Asia, where subsidiary Foodpanda contributes to a bulk of the business, Delivery Hero reported 485.5 million orders in Q2 2021, a 70% jump year-on-year (YoY). Total segment revenues were at 720 million euros, a 84% YoY.

Delivery Hero recently announced that a consortium formed of Affinity Equity Partners, GS Retail Co, Ltd., and Permira Advisers Limited will acquire its food delivery app Yogiyo, in a deal valued at 800 billion won (US$685 million). Yogiyo is the second-largest food delivery app in South Korea.

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