Deliveroo has turned its first ever profit in a major milestone for the London-based business – three years after a troubled stock market flotation, writes Emily Hawkins
The food delivery group, branded ‘Floperoo’ after its disastrous stock market debut in 2021, posted a small profit of £1.3m for the first six months of 2024, turning round a first-half loss of £82.9m for the previous year.
Co-founder and chief executive Will Shu said: “We hit two very important concurrent milestones and for the company we view this as a bit of an inflection point. We’ve seen that we can improve profitability as we’re growing. We see less headwinds in the consumer markets.”
It means the company is in the black for the first time since 2013, when childhood friends Shu and Greg Orlowski teamed up to start the business. The number of orders placed over the six months rose 2% to £147m.
Gross transaction value per order, which …