Irish ‘ tech company Flipdish plans to increase its revenues by 100 per cent in 2023.
That is according to a Flipdish spokeswoman when asked to comment on its latest accounts showing that expansion costs at Flipdish Ltd resulted in pretax losses increasing sixfold to €11.3 million in the 10 months to the end of January 31st last.
The sharp increase in the pretax losses at the digital ordering platform coincided with revenues increasing by 10 per cent from €12.7 million to €13.99 million.
The accounts — signed off on November 18th last — disclosed that Flipdish is undergoing a restructuring of the business.
In a note with the accounts its directors explained that “to ensure Flipdish Ltd remains on a strong financial footing in a rapidly changing market and is equipped to grow, innovate and serve its expanding customer base, the group are carrying out a restructure which will have Flipdish Limited in a much stronger financial position”.
The spokeswoman could not be drawn on whether it would involve job losses.
“Flipdish, like the rest of the global tech industry, has been focusing on its business fundamentals to deliver on our projected growth for 2023,” she said.
Numbers employed in the 10 months under review increased by 56 per cent from 157 to 245.
Staff costs last year almost doubled from €7.17 million to €13.29 million. Pay to key management personnel increased sharply from €542,696 to €1.12 million.
Pay to directors increased from €389,435 to €456,294.
The company last year became another of Ireland’s homegrown tech unicorns after a $100 million (€93 million) investment led by Chinese conglomerate Tencent. A unicorn is a company valued at more than $1 billion.
The funding, which followed a $48.5 million investment from Tiger Global Management early in 2021, valued the company at $1.25 billion.
A look ahead to 2023
The new accounts show that Tencent-led investment has equipped the business with the financial firepower for further expansion and strengthened the company’s balance sheet.
At the end of January last, the firm’s shareholder funds had increased from €21.2 million to €91.65 million.
The company’s cash funds increased from €20.5 million to €91.9 million.
The loss last year takes account of Government grants received of €439,881 and a research and development tax credit of €502,489.
The loss also takes account of non-cash depreciation costs of €219,210.
Founded in 2015 by brothers Conor and James McCarthy, Flipdish’s technology is used by more than 7,500 customers in 32 countries generating order revenues in excess of €250 million. Flipdish positions itself as an alternative to the likes of Deliveroo and Just Eat.
Tencent paid approximately $80 million for close to 8 per cent of the business.
The company’s revenues last year show Irish revenues of €7.38 million and rest of world revenues of €6.6 million
