Deliveroo finally delivers first profits after 11 years

DELIVEROO today reported its first-ever profit in a major milestone for the London-based business three years after its troubled IPO.

- Simon Hunt

The delivery app’s interim results showed a small profit after tax of £1.3 million for the first six months of 2024, turning round a first-half loss of £82.9 million in the previous year, as well as marking its first period of positive cash flow.

That means the company, founded in 2013, has seen its first 12-month period of profitability after its net income hit £46.7 million in the second half of last year, but has not yet made a profit for a full financial year.

Co-founder and CEO Will Shu told the Standard: “We hit two very important concurrent milestones [and] for the company we view this as a bit of an inflection point.

“Usually I don’t talk about financial metrics or outputs as a point of discussion but I think in this case it is important. We’ve seen that we can improve profitability as we’re growing’”