The Irish arm of takeaway food delivery service, Deliveroo last year enjoyed a Covid-19 boost as revenues soared by 64% to €43.2m.
New accounts show that revenues at Deliveroo Ireland Ltd increased by €16.85m from €26.34m to €43.2m in the 12 months to the end of December 2021.
The 2021 performance during the second pandemic-hit year continued the rapid growth of Deliveroo here during Covid 19 as revenues surged by 91% from €13.76m to €26.34m in 2020.
The directors for the firm state that the revenue increase in 2021 is "as a result of increased demand, the change in ordering behaviour and sales mix brought about the impact of Covid-19".
The growth in revenues contributed to the company's pre-tax profits increasing by 27% to €819,246.
The directors state that the company's gross profits increased by 75% from €8.4m to €14.74m "reflecting both increased demand and the scalable unit economics of the business model".
The directors later state that "the culture of eating out will likely not revert to the way it was pre-Covid for some time".
In response to Covid-19, the directors state that "as an agile and fast moving business, Deliveroo was able to adapt to the situation and make meaningful changes to the business at short notice".
They state that "mitigating the impact of such an unprecedented event was a huge challenge, and there will be a long lasting impact on our business and that of our partners".
The company's operating profit increased more than 20 fold from €54,504 to €1.123m.
Its profits reduced due to a foreign exchange loss and interest totalling €303,991 resulting in the pre-tax profit of €819,246.
The company directly employs 10 here in sales, marketing and operations and staff costs last year totalled €626,989.
The company's non-cash depreciation costs last year totalled €79,468. The company's cost of sales totalled €28.45m and administration expenses amounted to €5.05m.
UK headquartered Deliveroo was established only in 2013 and today its global business has a market capitalisation of £1.57 billion - down from £5 billion last October.
Deliveroo operates in 11 markets worldwide and has over 190,000 self employed couriers or "riders" on its books.
In the first six months of this year, Deliveroo plc recently reported pre-tax losses of £147.3m as global revenues increased to £1 billion.
Globally, Deliveroo delivered 301 million food orders in 2021.
Reporting by Gordan Deegan
