German online takeaway food company Delivery Hero said on Wednesday its annual revenue almost doubled, as customers stuck at home due to the COVID-19 pandemic ordered in more ready meals and groceries.
The Berlin-based company said its revenue was 2.8 billion euros ($3.39 billion) in 2020, up 95% year-on-year, and at the upper end of its own forecast of 2.7-2.8 billion euros.
Delivery Hero, which operates in about 50 markets in countries across Europe, Latin America, Asia, the Middle East and North Africa, has benefited from remote working trends that have pushed people to order meals and basic items from home.
The group also reported a preliminary 2020 margin on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of minus 16%, in line with its guided range of minus 14%-18%.
Including additional investments, however, the $33.5-billion Frankfurt-listed company expects a full-year adjusted EBITDA margin of minus 20%.
Delivery Hero cut its full-year investments goals during the course of 2020 from 200 million euros to 115 million euros, citing lower spending to keep its market share amid weaker competition.
The company also said it operated 491 Dmarts – small Delivery Hero-owned warehouses – across the world by the end of 2020, exceeding its target of operating 400 Dmarts for the year.
The so-called quick commerce has boomed in the past year as the pandemic forced shopping online and put a new premium on ultra-rapid deliveries of food and other goods like flowers or pharmaceuticals from relatively local stockrooms.
($1 = 0.8249 euros)
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