BRITISH meal delivery company Deliveroo reported better-than-expected core earnings of £85 million (S$145.1 million) for 2023, and expected further progress during 2024 with a move into positive cash flow.

The company, which competes with Just Eat Takeaway and Uber Eats, said total orders fell 3 per cent year on year but rebounded a touch in the final quarter to being unchanged on the year.

Restaurant and grocery price inflation resulted in a 3 per cent rise in the total value of orders to £7.6 billion.

Chief executive Will Shu said Deliveroo had made progress towards profitability, while giving customers faster and more reliable delivery.

He said he expected core earnings to increase this year to £110 million to £130 million.

“On a free cash flow basis, we were on the brink of break even in ‘23 and we’ll improve on that in ‘24,” he said in an interview on Thursday (Mar 14).

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Shares in Deliveroo rose 2.7 per cent in early deals. REUTERS