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31.03.25 - 11:12
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How has Deliveroo turned a profit? By slashing the pay and dismantling the rights of riders like me | Shaf Hussain (The Guardian)
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Our work is dangerous and the pay only gets worse, while the CEO has just sold £15m in shares – we deserve betterShaf Hussain is a Deliveroo rider and chair of the couriers branch of the IWGB unionIt's taken Deliveroo more than a decade to do it, but this month, the company made an annual profit for the first time. This might come as a surprise. If you live in London, you probably see one of the 15,000 or so couriers like me zooming past you several times a day. And with Covid triggering a takeaway boom five years ago, you'd reasonably assume that these apps are raking it in.But while companies such as Deliveroo and Uber have been pumped full of cash by investors, many have been losing money year after year, as they tried to squeeze competition out of the market. Twelve years into its existence, Deliveroo has finally made good on the promise to its investors and turned into a moneymaker, recording a £3m profit.Shaf Hussain is a Deliveroo rider and chair of the couriers branch of the IWGB union Conti...
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13.03.25 - 10:54
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Deliveroo makes annual profit for first time (The Guardian)
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The £3m 2024 figure compares with £32m loss in 2023 and comes despite 'uncertain consumer environment'Deliveroo has made an annual profit for the first time, after a bumpy few years since a disastrous stock market listing that earned the takeaway delivery company the nickname “flopperoo”.The 12-year-old company, a member of the FTSE 250 index of mid-sized companies, made a profit of £3m in 2024, compared with a loss of £32m in 2023, it said in a statement on Thursday. Continue reading......
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14.01.25 - 09:18
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JD Sports warns of lower profits; pound rises amid pressure on Reeves – business live (The Guardian)
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Sterling up slightly after falling to 14-month low amid worries over UK public financesGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.JD Sports, Britain's biggest sports retailer, has issued another profit warning, blaming heavy discounting across the fashion market, while the online grocer Ocado reported its best Christmas ever.A large portion of Russia's shadow tanker fleet has been sanctioned, making it more difficult for Russia and buyers to circumvent the G-7 price cap. These sanctions have the potential to take as much as 700,000 barrels per day of supply off the market, which would erase the surplus that we are expecting for this year.8.30am GMT: Bank of England deputy governor Sarah Breeden speaks on 'Financial stability and too big too fail' in Zurich2.30pm GMT: UK's business and trade committee questions Frasers, Evri, Deliveroo and Uniqlo on the impact of gig-economy style self-employment and zero-hours contracts2.30pm GMT: US pro...
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08.08.24 - 11:24
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Deliveroo′s push into grocery orders helps deliver ′profit milestone′ (The Guardian)
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Diversification plan and growing consumer confidence prompts £1m profit for courier in first half of yearBusiness live – latest updatesDeliveroo has reported its first half-year profit, as the UK food delivery company hailed early signs of a rebound in consumer spending amid a further push into grocery and retail deliveries.The company swung to a profit of £1m in the first six months of the year, its first since the business was launched in 2013, having reported an £83m loss in the same period a year earlier. Continue reading......
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