Takeaways and clumsy robots
The business news that matters
Hello and welcome to the latest edition of Off to Lunch…
Two takeaway food giants have delivered their first quarter results for investors to devour. Puns aside, the side-by-side comparison of the results makes for interesting takeaway food consumption.
Just Eat saw a 6 per cent drop in overall order volume in the first three months of the year, compared to the same period in 2023, amid the global cost-of-living squeeze. North America was most notable for a 12 per cent decline. At Deliveroo orders in the UK and Ireland flatlined, although there was a 4 per cent uplift internationally.
When it comes to order value (otherwise known as gross transaction value), Just Eat experienced a 2 per cent decline overall, although the UK and Ireland was up by 7 per cent.
Deliveroo’s group order value was up 6 per cent and overall revenue up 2 per cent, but the London-based company’s long wait to be profitable continues. Known for splashing the cash on marketing, tech and staff, founder Will Shuh remains confident in Deliveroo’s “ability to drive profitable growth and sustainable cash generation”.
Both Just Eat and Deliveroo have been beneficiaries of people’s shift, to order takeaway rather than going out for meals, in part a hangover from the pandemic but also a way to enjoy a cheaper treat during the cost-of-living crisis. That both are now seeing weaker trading gives us a hint as to how consumers are feeling: a little uncertain.
Podcast…
The new episode of our Business Leader podcast looks at one of the biggest airlines in Europe. Having taken its first flight in May 2004, today Wizz Air carries more than 60 million passengers every year and is valued at well over £2 billion after floating on the stock market in London.
József Váradi founded the company and has served as its chief executive since day dot and discusses how he founded and built the airline, the challenges he has faced and his fascinating views on what it is like running a UK-listed business…
You can listen to the episode on Substack here, Spotify here and Apple here
Other stories that matter…
1. While many have already picked a side in the work-from-home vs. office debate, data from Flexa shared with City AM suggests that the flexible jobs market is booming. The data, which analysed 4,000 job adverts and 840,000 job searches between January and March, shows a 62 per cent jump in flexible job adverts compared to last year. You can read more here
2. Private healthcare’s stock has gone through the roof due to the longstanding NHS crisis, according to a new report from health data provider LaingBuisson. The report says that the country’s health cover market grew by 6.1 per cent or £385m in the space of a year. You can read more here
3. Electric vehicle sales have stalled in Europe, according to the European Automobile Manufacturers Association’s monthly report. Some 13 per cent of new registrations were for electric cars in March, compared to 13.9 per cent in the same month a year ago. Across 2023 as a whole, electric vehicles made up 14.6 per cent of sales. You can see the full report here
4. The Guardian's financial editor Nils Pratley has analysed the performance of Dr Martens and it doesn’t make for pretty reading for the company’s investors. Despite being a favourite with Gen Z, shares are down by 80 per cent from its 2021 float price. You can read his full piece here
5. Luxury department store chain Harvey Nichols has pulled off a high-profile coo in the appointment of its new CEO. Julia Goddard is a 14-year Alexander McQueen veteran, who was most recently its EMEA president. She will take over following the exit of Manju Malhotra, who ran the business for 25 years. You can read more here
And finally…
Remember Boston Dynamics? It is the company behind the Black Mirror robot dog that haunts dreams; it also introduced us to a new hilarious form of falling robot fail videos (yes, I’m slapping a must-watch tag on this). Well, it is back with its latest all-electric robot Atlas, which builds on its occasionally clumsy predecessor.
While its launch video may trigger memories of watching The Exorcist far too young, this new release is purported to be considerably stronger, more dexterous and more agile.
The company is also having a dig at us mere mortals stating: “Atlas may resemble a human form factor, but we are equipping the robot to move in the most efficient way possible to complete a task, rather than being constrained by a human range of motion.”
Jokes aside, Boston Dynamics's ability to push the boundaries of robot engineering has seen it emerge as a global leader in the field. Founded in 1992 as an MIT spin off, the company was bought by Google X in 2013 before being sold to Japan's SoftBank Group in 2017.
South Korean car giant Hyundai purchased an 80 per cent stake in the business for $880m and Boston Dynamics has tipped the cap to its new owner’s role in the development of the new robot: “In addition to investing in us, the Hyundai team is building the next generation of automotive manufacturing capabilities, and it will serve as a perfect testing ground for new Atlas applications.”
I personally can’t wait to see the fail compilation for this one too.
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