February 11, 2020 / 6:35 AM / 13 days ago

Delivery Hero expects Europe to remain break-even in 2020

The Delivery Hero headquarters is pictured in Berlin, Germany, June 2, 2017. The Berlin-based company Delivery Hero, one of Europe's largest internet start-ups. Picture taken June 2, 2017. REUTERS/Fabrizio Bensch

(Reuters) - Delivery Hero expects its Europe business to remain break-even during 2020 after hitting this mark, as forecast, in the fourth-quarter of 2019, the German food delivery group said on Tuesday.

The food-delivery company, which recently agreed to buy South Korea’s top food delivery app owner Woowa Brothers for $4 billion (£3.1 billion), cited estimated segment revenues of 2.4 to 2.6 billion euros for the next full-year.

It also said it expects its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin to be between negative 14% and negative 18% in 2020, seeing a net adjusted impact of negative EUR 200 million from investments.

Reported by Sarah Morland; Editing by Shri Navaratnam

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