February 11, 2020 / 6:29 AM / 7 days ago

Delivery Hero expects Europe to remain break-even in 2020

FILE PHOTO: Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch/File Photo

(Reuters) - Delivery Hero (DHER.DE) 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, 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 amortization (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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