Just Eat sees sales leap by 44%

Just Eat has published its half-year results, celebrating a 44% increase in revenue to £0.9bn and a similarly impressive 34% growth in gross profit to £569.5m.

The company reported that its adjusted earnings before interest, tax, depreciation and amortisation leapt 133% to £106m, mainly driven by gross margin growth.

However, the company still sustained a loss of £143m, compared to a loss of £24.4m in the first half of 2019, related to the acquisition of American food delivery firm Grubhub.

In June, Just Eat announced its plans to buy the US-based delivery app for £6.6bn. The move, which is reportedly “progressing well”, is set to make Just Eat the world’s largest food delivery firm outside of China.

The group has predicted strong order growth throughout the rest of the year, despite the post-lockdown reopening of restaurants in markets such as the UK. Its shares were up 2 per cent on the news in morning trade on the London market.

“Just Eat Takeaway.com is in the fortunate position to benefit from continuing tailwinds,” said chief executive Jitse Groen, with the UK, Germany, Canada, the Netherlands, Australia, and Brazil performing particularly well.