Deliveroo’s shares continued to lose ground yesterday despite positive trading figures announced its Q1 2022 update.

The delivery platform reported UK & Ireland gross transaction value (GVT) was up 12% while orders were up 20%, which it said was in line with expectations

GTV growth for the quarter against Q4 2021 was 3% in constant currency with orders up 2%. GTV per order was “broadly stable” sequentially, up by 1% QoQ in constant currency, following a similar increase in Q4 vs Q3 2021.

But even a robust trading update could not prevent share falling just short of a new low, The Times reported.

Shares in the food delivery group, which was floated in March last year, lost 1¼p, or 1.1%, to close at 108¼p, less than a third of the 390p at which they were listed and not far above the all-time low plumbed four weeks ago.

Analysts said the market remained concerned over the group’s reliance on discretionary spending, pointing out that although gross transaction value (GTV) in the first quarter had risen by a robust 12%, there were concerns that customers were tightening their belts as average spend per order fell by 6% to £21.70, the publication reported.

Deliveroo expects FY2022 GTV growth to be in the range of 15-25%, with higher growth rate in H2 than in H1, given the challenging comparison base in H1.

Adjusted EBITDA margin is expected to be a loss in the range of 1.5-1.8%.