Just Eat Takeaway.com (LON:JET) has announced its half year 2020 results.
● The most important drivers of the network effects supporting the business model improved significantly. In the last twelve months, Just Eat Takeaway.com added a record number of new restaurants and Active Consumers. At the same time the number of Orders per Returning Active Consumer and the churn also improved, leading to a significant acceleration of top-line growth.
● Just Eat Takeaway.com processed 257 million orders in the first six months of 2020, representing a 32% increase compared with the first half of 2019, driven by strong accelerated order growth in the second quarter of 2020 compared with the first quarter of 2020.
● Revenue² grew by 44% to €1 billion in the first six months of 2020, compared with €715 million in the first half of 2019.
● Adjusted EBITDA² for Just Eat Takeaway.com increased by 133% to €177 million in the first six months of 2020, compared with €76 million in the first half of 2019. This strong improvement was mainly driven by gross margin growth.
● Loss for the period² was €158 million in the first six months of 2020, compared with a loss of €27 million in the first half of 2019. The loss was mainly driven by amortisation, advisory, transaction and integration related expenses connected to the combination of Just Eat and Takeaway.com and the proposed transaction with Grubhub.
● The integration with Just Eat is on track and progressing well. To benefit from global brand recognition, all of Just Eat Takeaway.com’s brands now share the same logo. Furthermore, in the first week of June, the Swiss business was successfully migrated to Just Eat Takeaway.com’s central European IT platform and other markets will follow in due course.
● Management believes the Just Eat brands, despite their current strong growth, have seen underinvestment in recent years. To strengthen, expand or recapture market-leading positions throughout our territories, we have embarked on an aggressive investment programme and will invest significantly in the United Kingdom, Canada, Australia, Italy, Spain, France and several other ex-Just Eat markets.
● In Brazil, iFood continued its strong momentum with revenue² growth of 261%. Order growth almost doubled year-on-year, reaching just short of 200 million orders in the first six months of 2020.
● On 10 June 2020, the Company announced the proposed all-share transaction with Grubhub. It is currently expected that the Company’s shareholder circular will be published towards the end of August 2020 and the EGM will be held in October 2020. Subject to satisfaction of conditions, completion of the transaction is anticipated to occur in the first half of 2021.
1 Profit or loss for the period before depreciation, amortisation, finance income and expenses, share-based payments, share of results of
associates and joint ventures, acquisition related transaction and integration costs and income tax expense
2 The Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1
January 2019 to provide comparable information for the full six month period
3 On a constant currency basis
Statement of Jitse Groen, CEO of Just Eat Takeaway.com N.V.: “Just Eat Takeaway.com is in the fortunate position to benefit from continuing tailwinds. The United Kingdom, Germany, Canada, the Netherlands, Australia, and Brazil are performing particularly strongly. Our businesses have healthy gross margins, and all our segments are adjusted EBITDA positive. On the back of the current momentum, we started an aggressive investment programme, which we believe will further strengthen our market positions. We are convinced that our order growth will remain strong for the remainder of the year.”
