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Just Eat Takeaway H1 revenue, profit surge on lockdown…

By Toby Sterling

AMSTERDAM, Aug 12 – European food-ordering firm Just Eat NV reported higher revenue and underlying profit for the first half of 2020, as the coronavirus lockdown led to a surge in online orders and restaurants flocking to its services.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 177 million euros ($207 million), up from 76 million euros a year earlier, the company said on Wednesday.

The figures were presented on a pro-forma basis, as if Takeaway’s $7.8 billion takeover of Britain’s Just Eat that closed in April, had been completed Jan. 1, 2019.

Half-year revenue was up 44% at 1.03 billion, though the net loss increased to 158 million euros from 27 million euros.

“Just Eat is in the fortunate position to benefit from continuing tailwinds,” Chief Executive Officer Jitse Groen said in a statement. The company enjoyed double-digit growth in its main markets, and growth of more than 100% in its largest, Germany.

ING analysts had forecast a 39% rise in revenue to 1.03 billion euros and EBITDA of 110 million euros.

“We are convinced that our order growth will remain strong for the remainder of the year,” he said.

Takeaway’s profile has changed dramatically in the past year, as it sealed the acquisition of Just Eat, a company larger than itself, in January.

The European company reached an agreement in June to buy U.S. peer GrubHub for $7.3 billion.

Takeaway said on Wednesday it expects to call an ‘extraordinary shareholders meeting’ in October to approve that deal.

Just Eat Takeaway shares gained 17% year-to-date and closed at 96.28 euros on Tuesday.

Takeaway competes with loss-making rivals including Uber Eats, Deliveroo and Delivery Hero, while got the green light to take a 16% stake in Deliveroo last week.

($1 = 0.8538 euros) (Reporting by Toby Sterling; Editing by Muralikumar Anantharaman and Sherry Jacob-Phillips)

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