Categories: Earnings

Just Eat Takeaway Profits Soar With Pandemic Lockdowns

Just Eat, the European food-ordering firm, reported increased revenue and profits for the first half of the year as the COVID-19 pandemic boosted online orders, Reuters reported.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) netted €177 million ($207 million), up from €76 million ($89.5 million) for the same period one year ago, the company said Wednesday (Aug. 11).

Half-year revenues increased 44 percent at €1.03 billion ($1.2 billion) but net loss increased to €158 million ($186 million) from €27 million ($32 million). ING analysts had forecast a 39 percent rise in revenue to €1.03 billion ($1.2 billion).

“Just Eat is in the fortunate position to benefit from continuing tailwinds,” CEO Jitse Groen said in a statement. “We are convinced that our order growth will remain strong for the remainder of the year.”

He said the company enjoyed double-digit growth in its main markets, and growth of more than 100 percent in Germany, its largest marketplace.

In June, Just Eat agreed to buy Grubhub for $7.3 billion in a move that could result in the world’s largest online food delivery firm outside of China, with operations in 25 countries.

The companies said in a statement that the merged entity will focus on popular sectors for food delivery, including the United States, United Kingdom, Germany and the Netherlands.

“Combining the companies that started it all will mean that two trailblazing start-ups have become a clear global leader,” Groen said at the time. “We share a focus on a hybrid model that places extra value on volume at independent restaurants driving profitable growth.”

Groen said he felt a similarity existed between himself and Grubhub CEO Matt Maloney.

“Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector. I am excited that we can create the world’s largest food delivery business outside China,” he said.

Takeaway said on Wednesday it expects to call an “extraordinary shareholders meeting” in October to approve the acquisition, according to Reuters.

In April, United Kingdom regulators approved’s purchase of rival Just Eat for 6.2 billion euro ($7.7 billion). Britain’s Competition and Markets Authority, the agency responsible for protecting competition, said the deal would not reduce competition.

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The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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