Just Eat Takeaway first-half revenue, profit surge on lockdown boost
Reuters
Published Aug 12, 2020 01:19AM ET
Updated Aug 12, 2020 02:20AM ET
By Toby Sterling
AMSTERDAM (Reuters) - European food-ordering firm Just Eat Takeaway.com NV (AS:TKWY) 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 Takeaway.com 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 (NYSE:GRUB) 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 (NYSE:UBER) Eats, Deliveroo and Delivery Hero (DE:DHER), while Amazon.com (NASDAQ:AMZN) got the green light to take a 16% stake in Deliveroo last week.
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Written By: Reuters
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