German online takeaway food company Delivery Hero slightly raised its full-year outlook recently after reporting a better-than-expected gross merchandise value (GMV) for the third quarter.
Its shares were up 4.9% in early Frankfurt trade.
The Berlin-based company now sees 2023 GMV growth at the upper end of its previous forecast range of 5-7% in constant currency terms.
The group generated a quarterly GMV, a common metric for delivery firms, of €11.69 billion, beating analysts' estimate of €11.57 billion in a company-compiled consensus.
Sustained Growth
After the pandemic-driven boost to orders, Delivery Hero has focused on reaching long-awaited profitability amid sustained growth, as investor confidence in the rapidly expanding but mostly unprofitable sector started to wane.
"After another strong quarter we can confirm that we are on course to reach our full year EBITDA guidance, putting us in a strong position for our long term profitability goals," Emmanuel Thomassin, chief financial officer said in a statement.
The company expects to improve its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) by more than €850 million in 2023 from a loss of €467.2 million last year.
Delivery Hero, which reports earnings numbers only on a half-year and annual basis, said that its key Asia-Pacific business reached a positive adjusted EBITDA before group costs in the month of October.
Read More: Germany's Delivery Hero Hikes 2023 Revenue Guidance, Swings To H1 Profit
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