Food delivery firm Deliveroo has reported a 116% global sales increase to £277m in 2017.
Gross profit rose to £64.3m (2016: £1.1m) and gross margin grew from less than 1% to 23% for the year ended 31 December 2017, which the company said can be attributed to increasing maturity in existing markets, improved services and growing order volumes.
Deliveroo’s European markets saw 99% year-on-year revenue growth, while all other markets saw 207% year-on-year growth.
During 2017 the company invested an additional £100m in the expansion of its operations and launched Deliveroo Editions – restaurant hubs designed specifically for delivery – and further investment is underway.
Will Shu, co-founder and CEO of Deliveroo, said: “Our growth is matched only by our ambition. We want to become the world’s definitive food company and we have invested heavily in innovation, technology, people and restaurants. We are changing the way people eat and helping restaurants to expand to new areas and in new ways.”
Analysis by Capital Economics published last year found that Deliveroo helped create 7,200 jobs across the restaurant industry since launching in the UK in 2013, and increased revenues of restaurants and their wider supply chain by £460m. It also revealed that Deliveroo’s operations helped to add £372m in value to the UK economy in the 12 months to June 2017.
Last month it was reported that Uber is in early talks to acquire Deliveroo, which today works with 50,000 riders and 50,000 restaurants worldwide.