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Delivery Hero sees 2021 revenue at higher end of outlook range -Breaking

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© Reuters. FILEPHOTO: Delivery Hero’s logo at Berlin headquarters, Germany. August 18, 2020. REUTERS/Fabrizio Bensch

(Reuters) – Delivery Hero adjusted Thursday its 2021 revenue forecast to the upper end compared to a prior forecast. The German online food service company delivers food in just 10-15 minutes.

In April, the German Group stated that its emphasis on expanding could result in a longer waiting time for profits. They have invested heavily in fast commerce and food delivery. This has helped the company grow quickly in the aftermath of the coronavirus epidemic and has attracted new companies to the market.

Now, the company expects 2021 revenues to be at or near the top of its outlook range (6.4 billion to 6.7 billion Euros ($7.75 Billion).

Also, it expects the gross merchandise volume to be at the upper end of the previous forecast.

“The integrated verticals section has once more been a key driver, supporting this quarter’s solid revenue results, and leading to exceptional QoQ growth which exceeded listed industry peers,” Chief financial officer Emmanuel Thomassin stated in a statement.

Integrated verticals includes quick commerce, Dmarts and Dmarts. These are warehouses located in centrally-located areas that only cater to internet clients.

Delivery Hero has 861 Dmarts now, according to the company.

According to the Berlin-based company, revenues for the third quarter jumped 89% from the previous year and reached 1.8 billion euros.

($1 = 0.8648 euros)

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