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Just Eat Takeaway.com Posts Smaller Loss Than Expected, To Exit Norway

Just Eat Takeaway.com, Europe's largest meal delivery company, reported a smaller-than-expected full-year core loss of €350 million ($389 million) on Wednesday and said it would exit Norway and Portugal.

Analysts had forecast a loss before interest, taxes, depreciation and amortisation (EBITDA) of €366 million for 2021, compared with an EBITDA profit of €363 million in the previous year.

'Progressing Towards Profitability'

Revenue rose 34% to €5.33 billion.

"After a period of significant investment, and with adjusted EBITDA losses having peaked in the first half of 2021, the company is now rapidly progressing towards profitability," Jitse Groen, chief executive officer said in a statement.

The company reported figures as if it had owned its US GrubHub subsidiary, which it bought for $7.3 billion in June, in both years.

Net loss was €1.04 billion, up from a loss of €151 million a year earlier.

The company said it had €1.3 billion in cash on its balance sheet, as of 31 December.

iFood Stake 

The company said its cash position, intention to sell its stake in iFood in Brazil, which has been valued as worth more than €2 billion, and intention to 'seek a strategic partner' for GrubHub 'provide a solid foundation for the future.'

The company said Norway and Portugal, the countries it is leaving as of 1 April, had generated EBITDA loss of about €10 million  annually.

Takeaway's shares have fallen 28% so far in 2022 and were down 3.5% at €34.60 on Tuesday, far below their all-time high above €109  hit in October 2020.

News by Reuters edited by Donna Ahern, Checkout. For more Technology news click here. Click subscribe to sign up for the Checkout print edition.

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