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Just Eat sees annual revenue rising more than 50% after orders jump
StockMarketWire.com
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Food delivery company Just Eat Takeaway.com said it expected annual revenue growth of more than 50% after reporting a 57% rise in order growth in the fourth quarter, led by a pandemic-fuelled surge in UK orders.
Delivery orders in the UK surged 387% in the fourth quarter of 2020 compared with the same period in 2019.
'The UK sales force has doubled compared with the previous year, driving significantly increased restaurant choice for consumers, and accelerating the roll-out of our logistical network,' the company said.
Management said it expected that Just Eat's delivery orders only - excluding marketplace orders - would soon overtake the food orders of the UK's third biggest food delivery company.
Adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, margin was expected to be approximately 10%, for the full year, reflecting significant investments in delivery in the fourth quarter of 2020.
Scoober was recently been launched in London and many cities in the UK will follow, the company said. 'This allows Just Eat to further add premium restaurants to its offering, with very short delivery times, excellent service, and much lower delivery fees than its competitors,' it added.
The company said it had secured regulatory and shareholder approvals for its Grubhub acquisition, with deal expected to close on in the first half of 2021.
Story provided by StockMarketWire.com
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