Deliveroo has reported a pretax loss of £147.3 million in the first six months of the year, up 54% from the same period a year ago, with Simon Wolfson, CEO of Next, stepping down from its board with immediate effect.
Lord Wolfson said: “After much consideration, and with regret, I believe that the time required to continue in my role at Deliveroo is no longer compatible with my executive and other commitments. I have enjoyed my time working with Will, the executive team and my board colleagues over the past 18 months and wish the company all the best for the future.”
Deliveroo did report revenues of £1 billion, climbing 12%, but this is slower than the revenue growth the rapid delivery firm reported in the first half of 2021, when sales climbed 82% year-on-year.
It also announced it is ceasing operations in the Netherlands, which follows the company’s exit from Spain last year and Germany in 2019.
Despite this, Deliveroo’s CEO Will Shu remained “confident in our ability to adapt financially to any further changes in the macroeconomic environment.”
He continued: “So far in 2022, we have made good progress delivering on our profitability plan, despite increased consumer headwinds and slowing growth during the period.
“We are confident that in H2 2022 and beyond we will see further gains from actions already taken, as well as benefits from new initiatives.”