Just Eat plans “aggressive investment” following 44% group revenue boost

Food delivery group Just Eat Takeaway.com N.V is planning an “aggressive” investment programme after reporting ‘strong’ growth in the first half of the year.

In a trading update published this morning, the firm announced a revenue increase of 44% per cent, largely due to the increase in food deliveries during COVID-19 and the subsequent lockdown.

In addition, adjusted EBITDA for the group increased by 133% to €177m in the first six months of 2020, compared with €76m in the first half of 2019.

Following its success in the first half of the year, the group plans to invest ‘significantly’ in Just Eat markets such as United Kingdom, Canada, Australia, Italy, Spain, France.

Jitse Groen, CEO of Just Eat Takeaway.com N.V, commented: “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.”