European food-ordering firm Just Eat Takeaway.com NV has reported higher revenue and underlying profit for the first half of 2020, as coronavirus lockdowns 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, up from €76 million a year earlier, the company said on Wednesday August 12.
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 January 1, 2019.
Half-year revenue was up by 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," CEO 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 market, Germany.
ING analysts had forecast a 39% rise in revenue to €1.03 billion and EBITDA of €110 million.
"We are convinced that our order growth will remain strong for the remainder of the year," Groen 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 August 12 that it expects to call an 'extraordinary shareholders meeting' in October to approve that deal.
Shares And Competitors
Just Eat Takeaway shares have gained 17% year-to-date and closed at €96.28 on Tuesday August 11.
Takeaway competes with loss-making rivals including Uber Eats, Deliveroo and Delivery Hero.
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