2022 revenue growth forecast at 412
Previous guidance was 1525
Maintains margin guidance
Shares down 3

LONDON, July 18 Reuters British food delivery company Deliveroo on Monday slashed its fullyear revenue guidance, as consumers trim their spending amid a worsening cost of living crisis.

Shares in Deliveroo, which have lost more than three quarters of their value since listing at 390 pence in March 2021, were down 3 at 82.4 pence at 0733 GMT.

The group, which competes with Just Eat Takeaway.com and Uber Eats, said its fullyear 2022 gross transaction value GTV growth was now expected to be in the range of 4 to 12 in constant currency versus previous guidance of 15 to 25.

Deliveroo said second quarter GTV growth slowed to 2 from 12 in the first quarter, missing analysts39; expectations.

It said this reflected the impact of increased consumer headwinds during the second quarter.

GTV growth was 70 in 2021 when COVID19 lockdowns boosted demand.

Confidence levels among Britain39;s consumers sank to a record low last month as they struggle with the accelerating cost of living. Wages are failing to keep pace with inflation that hit a more than 40year high of 9.1 in May and is heading for double digits.

In response to the crisis, Britons are trading down in both stores and products, switching from mainstream supermarkets to discounters and from branded to lower priced private label products.

They are also cutting back on fuel purchases as they reduce the number of car…