Just Eat Takeaway: more sales due to the corona virus, but still a loss

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The corona virus, a major merger and a proposed acquisition have increased both the turnover and the loss of food order site Just Eat Takeaway.com in the past six months. This is evident from the half-year figures of the Dutch food order site, which were announced on Wednesday. Takeaway (the former Thuisbezorgd.nl) merged with the British Just Eat at the beginning of this year and concluded an agreement in June to acquire the American meal delivery company Grubhub for 6.4 billion euros. If this acquisition is successful, Just Eat Takeaway will be the second largest meal platform in the world after the Chinese Meituan.

Partly due to the merger with Just Eat, the company’s turnover exceeded the 1 billion euro mark for the first time in the past six months, an increase of 44 percent compared to last year. This was offset by a loss of EUR 158 million, mainly caused by one-off attorney and banker fees that accompanied the deals with GrubHub and Just Eat.

Also read the interview with Jitse Groen in NRC: ‘You can’t beat us anymore’

More customers

The corona virus and global lockdowns have driven many restaurants and consumers towards meal delivery. Topman Jitse Groen said in an interview with last week NRC in the early days, having been troubled by people hoarding groceries and then “sitting at home surrounded by food”. Groen also said: “It did improve later, by the way, and right now it is going very fast again.”

A quarter more orders were placed in the Netherlands: 23 million items. The average price was 22 euros

This is reflected in the figures. The total number of Just Eat Takeaway customers increased by 21 percent to 54 million in the past six months. In all markets, Groen’s business saw an increase in orders, with peaks in Germany and Canada, where the number of orders more than doubled.

In the Netherlands, the number of orders increased by a quarter to 23 million in the past six months, for an average price of 22 euros. Competitor UberEats reported similar growth rates last week. The taxi app now generates more revenue from meal delivery than from taxi rides, which have largely dried up due to the corona virus.

In the near future, Just Eat Takeaway will “invest aggressively”, Groen said in an explanation of the half-year figures: including tens of millions in the United Kingdom, Canada and France to quickly connect more restaurants and customers.

“We grow because we attract new customers. These customers then return more often. That is our model and the coronavirus has accelerated that, ”said Groen. “We are going to try to take advantage of this situation for our company and so it is advisable to invest right now.”

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