Deliveroo posts £223m annual loss as it prepares for London stock market debut

Deliveroo has announced a reduction in group losses to £233.7 million by 2020 and at the same time confirmed the initial public offering on the London Stock Exchange.

The restaurant and food delivery app gave potential investors a glimpse of the company's financial future when it officially confirmed that it planned to begin an IPO.

The company also reported on rising demand from restaurants trying to use its platform, with locations for dine-ins closing down for much of the year.

While underlying gross profits nearly doubled to £357.5million, underlying full-year losses of £223.7million were well below the £317.3million for 2019.

Deliveroo said it would use the cash raised from the IPO to improve its app, expand its delivery-free "editions" kitchens, and further diversify its on-demand grocery delivery services provided by supermarkets such as Waitrose, Co-op, Londis, Aldi and Carrefour.

In a statement accompanying the swimming plan, Shu said, 'Now we take the next big step in our journey by allowing everyone to have a share in our future.