“2020 was an exceptional year for Just Eat Takeaway.com,” said Jitse Groen, CEO of the Amsterdam-based company, in its Q4 earnings report. “When the COVID-19 pandemic hit last year, “this brought unprecedented challenges to our restaurants, consumers as well as to our organization and staff — but it also created tailwinds for our business.”
The company is poised to expand even further. It plans to complete its $6.9 billion acquisition of food delivery business Grubhub in the first half of this year.
The company was created last April as a result of a merger between the U.K.’s Just Eat and Netherlands-based Takeaway. Groen added, as part of its yearly earnings report, that the revenue of the combined companies grew 54 percent in 2020, with expectations of even faster order growth this year.
The revenue numbers are computed as if the companies had actually combined on Jan. 1, 2019. In pounds, revenues went up to €2.4 billion in 2020, compared with €1.6 billion in 2019. The company reported a loss in 2020 of €151 million, compared with a combined loss of €115 million in 2019, adding that €102 million in losses were connected to its expansion deals.
Groen said that in the second half of 2020, the company increased its “investments into the legacy Just Eat business significantly, building on our position as one of the largest food delivery companies in the world.”
Looking ahead, Just Eat Takeaway.com plans to “capitalize on the strong momentum from its investment program (and) continue to invest to drive further growth and market share gain,” per the earnings report.
Last June, shareholders of Just Eat Takeaway.com approved the company’s acquisition of Grubhub for $6.9 billion. The deal would make the combined company the biggest food delivery business outside of China and would give it delivery inroads in the U.S. At the time, Just Eat Takeaway.com said it was connected to more than 205,000 restaurants, with operations in the U.K., Germany, the Netherlands, Canada, Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Norway, Poland, Portugal, Romania, Spain and Switzerland, with partnerships in Mexico, Colombia and Brazil.
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