Mar 4, 2021

Deliveroo picks London for its future IPO

"After eight years of operations and rapid expansion around the globe, choosing London underlines Deliveroo's commitment to making the United Kingdom its long-term home," said the company, whose most recent funding round valued the company at $7bn. Deliveroo, which had been heavily lossmaking in 2019, has been a beneficiary of the coronavirus pandemic as restaurants forced to close turned to delivery services. Lord Jonathan Hill, author of the Treasury-backed overhaul of company listing rules published this week, said: "One of the whole points of our Listing Review was to encourage more of the growth companies of the future to list in London. It's obviously great news that Deliveroo, a global technology leader, born and bred in the UK, has chosen to list here. The changes we recommended would make it easier for more companies to follow Deliveroo's lead, sending out a message that London is open for business." The group said 2020 ongoing operating profit was £388.1m as revenue grew 6.3 per cent to £2.8bn. Pest control remained steady while the much smaller hygiene division delivered a 36.8 per cent jump in annual revenues. All divisions excluding aerospace achieved 2 per cent revenue growth on average in the second half and 9 per cent in the final quarter, it said. The company reported ebitda of $4.6bn for 2020, up 3 per cent year on year.

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