Deliveroo’s growth hit by cost of living crisis

As we pointed out in December in our Sell tip on Just Eat (JET), there is an unfortunate focus by the food delivery app companies on “adjusted” profit measures. This is understandable, as it helps boards to say that “profitability” will be hit at an earlier stage than would otherwise be the case. This is the situation with Deliveroo (ROO), which boasted in these results that it posted positive adjusted cash profits in the second half of 2022.