In the second quarter, order volumes at Lieferando parent Just Eat Takeaway.com went up by 47 percent - in Germany the increase was 50 percent, in the UK even 61 percent. The company predicts that its operating profit for the year will still be negative - partly due to the acquisition of US delivery service Grubhub.
Despite rising order numbers, Just Eat Takeaway expects to make an operating loss for the full year. The operating profit margin (adjusted Ebitda) measured by gross transaction value (GTV) should be minus 1 to minus 1.5 percent in 2021, the company announced in Amsterdam on Thursday - attributing this to the acquisition of US delivery service Grubhub.
CEO Jitse Groen outlined the situation as follows: 'We have combined Just Eat Takeaway.com and Grubhub to create one of the largest online food delivery services in the world. The first half of the year saw a combined growth of 51% in orders. Adjusted EBITDA losses, mainly driven by US and Canadian fee caps and our investment programme, have now peaked. As a result, we expect the business to return to profitability in the second half of the year while delivering significant growth."
Just Eat Takeaway.com intends to continue investing in growth, Groen stressed, with market share gains more important than adjusted operating profit. The board expects the full-year gross transaction value to be between €28bn and €30bn - there is no comparable figure for 2020.
Excluding Grubhub, the number of all orders in April to June rose 47 percent year-on-year to 212.4 million. Management is raising its previous guidance of more than 42 percent order growth for Just Eat Takeaway.com (excluding Grubhub) in 2021 to now more than 45 percent order growth for the full year.