Food delivery giant Just Eat Takeaway saw revenue soar 44 per cent in the first half of the year as consumers ordered food at home while restaurants closed during lockdown.
Revenue was up 44 per cent to €1bn as lockdown restrictions forced restaurants to close and consumers were told to stay at home.
Just Eat Takeaway reported that adjusted earnings before interest, tax, depreciation and amortisation jumped 133 per cent to €117m driven by gross margin growth.
However the company reported a loss of €158m in the first six months of the year, compared to €27m last year, related to the proposed acquisition of Grubhub.
Why it’s interesting
Just Eat Takeaway is one of few companies to be in a “fortunate position” during the coronavirus pandemic, as it benefited from a surge in demand for food deliveries during lockdowns around the world.
The UK, Germany, Canada, the Netherlands, Australia, and Brazil have all performed particularly strongly during the first half of the year, it said.
Meanwhile, the integration of the Just Eat business is “progressing well”. The company has begun an “aggressive investment programme”, saying the Just Eat business has seen underinvestment in recent years.
“To strengthen, expand or recapture market-leading positions throughout our territories, we have embarked on an aggressive investment programme and will invest significantly in the United Kingdom, Canada, Australia, Italy, Spain, France and several other ex-Just Eat markets,” Just Eat Takeaway said.
What Just Eat Takeaway said
Chief executive Jitse Groen said: “Just Eat Takeaway is in the fortunate position to benefit from continuing tailwinds.
“The United Kingdom, Germany, Canada, the Netherlands, Australia, and Brazil are performing particularly strongly.
“Our businesses have healthy gross margins, and all our segments are adjusted Ebitda positive.
“On the back of the current momentum, we started an aggressive investment programme, which we believe will further strengthen our market positions. We are convinced that our order growth will remain strong for the remainder of the year.”