Pre-tax profits at the Irish arm of takeaway food delivery service Deliveroo last year increased by 47% to €2.11m as revenues further increased.
New accounts show that pre-tax profits rose at Deliveroo Ireland Ltd as revenues also increased by 12% from €51.98m to €58.08m.
The directors for the firm state that the revenue increase in 2024 was "as a result of increased demand, the change in ordering behaviour and sales mix".
The directors state that gross profit increased from €21.27m to €28.09m, representing a 32% increase "which is reflective of both increased demand and the scalable unit economics of the business model".
The company's operating profits increased by 11% from €1.35m to €1.51m and profits were further increased by finance income of €607,451 to a pre-tax profit of €2.11m.
The finance income received is more than six times the finance income of €90,932 received in 2023.
On the company's future developments, the directors state that "the development and growth of existing activities and improving key customer value proposition pillars will continue to be the focus of attention in the coming year, with an increased focus on supporting sustainable profitability and cash generation, through driving efficiency".
Numbers directly employed by the company here last year decreased further from 38 to 27 as staff costs dropped from €2.5m to €2.06m that included a share based payment charge of €52,404 and redundancy costs of €35,769.
The company's non-cash depreciation costs last year totalled €82,716. The company's cost of sales totalled €30.7m and other operating expenses amounted to €12.92m while administrative expenses totalled €7m.
The firm recorded post tax profits of €1.79m after incurring a corporation tax charge of €324,640.
At the end of December last, the firm's accumulated profits totalled €8.68m while the company's cash funds doubled from €€26.07m to €52.09m.
The UK-headquartered Deliveroo was established only in 2013 and today its global business has a market capitalisation of £2.76 billion - which is up 13% on the market capitalisation of £2.45 billion in September 2024 but down sharply from £5 billion in October 2021.
On Thursday, San Francisco-headquartered firm DoorDash finalised its $3.9 billion cash acquisition of Deliveroo's global business.
Deliveroo operates in nine countries with more 130,000 delivery riders and made sales of £2 billion in 2024, while DoorDash, which was set up in the same year, made some $10.7 billion in revenues last year through its operations in more than 30 countries.
Reporting by Gordon Deegan
