Berlin-based Delivery Hero, which went public this June, has posted impressive financials for the first half of 2017–putting it well on track to break even ahead of schedule.
The company, who food ordering and delivery service is available in 40 countries, reported a revenue of €246.5 million ($291.8m) for the period, while its margin on adjusted earnings closed to an 18% loss from 47% in 2016.
The company announced that it expects revenues of €530-540m for the entire year, narrowly outpacing industry forecasts of €531m. “We had a fantastic first six months of 2017,” said CEO Niklas Östberg in a statement.
“We made significant investments in our service and saw great return from these investments,” he added. “At the same time we achieved a good balance between strong growth and moving closer towards profitability.”
Östberg expects Delivery Hero to break even and turn a profit by December 2018, beating off competition by the likes of Dutch-owned Lieferando.de, and Britain’s Deliveroo, with a rapid growth fueled by its summer IPO. Roll-outs in North America and MENA in recent months will, Delivery Hero hopes, help accelerate even more growth.
Its latest news puts Delivery Hero easily among Berlin’s tech elite, and proves that despite a vast number of smaller startups which struggle to scale quickly, the German capital can play host to multinational, public firms that go big–and fast.
“We continue to build on our global leadership positions and implement our vision to create an amazing takeaway experience,” added Östberg.