Yahoo Finance Just Eat Takeway revenues up as orders jump by a third
Europe's largest meal delivery company Just Eat Takeaway (JET.L) reported smaller full-year losses than expected for 2021 at €350m (£291m), as revenues jumped 34%.
The Amsterdam-based company pulled in €5.3bn (£4.4bn) in revenue in the 12 months, up from €4bn (£3.3bn) in 2020.
Total orders grew 33% as COVID encouraged more people to eat at home and the company expanded into new territories.
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The average transaction value dropped to €25.94 from €26.28 last year.
"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," chief executive officer Jitse Groen said in a statement.
Combined gross transaction value, or GTV – a key metric for the industry – was €28.18bn, compared with €21.45bn in 2020, the company said.
Net loss was €1.04bn, up from a loss of €151m a year earlier. The company said it had €1.3bn in cash on its balance sheet at the end of 2021.
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The online food delivery company has also started plans to stop operations in Norway and Portugal, due to “immaterial” revenue. Both countries generated a loss of about €10m annually.
Just Eat Takeaway anticipates pulling out of the two countries by 1 April this year. It is also expected to end its Nasdaq listing on March 11.
The company announced that its US subsidiary Grubhub is launching a new rapid delivery service in partnership with startup Buyk.
Groen said in a call with journalists that the company is well on the way to profitability and that the big losses are now a thing of the past.
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