Just Eat Takeaway Reports First Half Revenue Profit Surge On Lockdown Boost
European food-ordering firm Just Eat Takeaway.com NV 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 ($207 million), up from €76 million 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 1 January, 2019.
Half-year revenue was up 44% at €1.03 billion, though the net loss increased to €158 million from €27 million.
"Just Eat Takeaway.com is in the fortunate position to benefit from continuing tailwinds," Jitse Groen, chief executive officer 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 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 on Tuesday.
Takeaway competes with loss-making rivals including Uber Eats, Deliveroo and Delivery Hero, while Amazon.com got the green light to take a 16% stake in Deliveroo last week.