Pre-tax profits at the Irish arm of takeaway food delivery service, Deliveroo, more than doubled last year to €1.95m as revenues continued to increase.
New accounts show that pre-tax profits at Deliveroo Ireland Ltd increased by 138.5% to €1.95m as revenues increased by 11% from €43.2m to €47.89m.
The revenue increase failed to keep pace with the breakneck 64% increase in revenues during the pandemic in 2021.
The directors for the firm state that the revenue increase in 2022 is "as a result of increased demand, the change in ordering behaviour and sales mix".
The directors say that the company's gross profits increased from €14.74m to €17.96m "reflecting both increased demand and the scalable unit economics of the business model".
On the company’s future developments, the directors claim that "the coming financial year will continue to be focused on improving our customer proposition pillars - service and selection - in order to further drive growth".
The company’s operating profit increased by 11% from €1.12m to €1.245m.
A major contributor to the sharp increase in pre-tax profits was a €710,766 foreign exchange gain compared to a €303,460 foreign exchange loss in 2021.
Numbers directly employed by the company here last year increased by 46 from 10 to 56, as staff costs increased almost four fold from €697,688 to €2.65m, including a share based payment charge of €45,686.
The company’s non-cash depreciation costs last year totalled €91,891.
The company's cost of sales reached €29.92m and other operating expenses amounted to €10.86m while administrative expenses came to €5.86m.
The firm recorded post tax profits of €1.695m after paying corporation tax of €259,713.
At the end of December last, the firm's accumulated profits totalled €5.6m while the company's cash funds increased from €21.43m to €26.98m.
UK headquartered Deliveroo was established in 2013 and today its global business has a market capitalisation of £2bn - down sharply from £5bn in October 2021.
Deliveroo operates in 10 markets worldwide and has over 150,000 self employed couriers or 'riders’ on its books.
In the first six months of this year, Deliveroo plc recently reported a 5% increase in global revenues to £1.02 billion after making 145.2m orders.
The business made a pre-tax loss of £57.6m for the six months.
- report Gordon Deegan
