Just Eat revenue jumps a third as it mulls pulling out of Portugal and Norway
Just Eat Takeaway.com enjoyed a revenue jump of more than a third in 2021, dwarfing its pandemic figure by some €1.3bn (£1bn).
The Amsterdam-based delivery giant pulled in €5.3bn (£4.4bn) in the 12 months, up from €4bn (£3.3bn) in 2020 when it reaped the rewards of homebound consumers itching to eat out under lockdown restrictions.
It follows a €1.1bn (£919m) capital raise via convertible bonds in February, after it secured €300m (£250.5m) through a two-year term loan on favourable terms in December.
“After a period of significant investment, and with adjusted EBITDA losses having peaked in the first half of 2021, the company is now rapidly progressing towards profitability,” CEO Jitse Green said in a statement this morning.
“While the Northern European segment, with an adjusted EBITDA of €256m (£213.7m) in 2021, is the most profitable segment in the industry already, we also concluded the year with much improved adjusted EBITDA in our other operating segments.”
However, the Takeaway.com management team has tabled plans halt operations in Norway and Portugal, due to “immaterial” revenue, the company said.
The delivery giant anticipates pulling out of the two countries by 1 April this year.
“The team is working hard to make 2022 a successful year for both the company and all our stakeholders,” the delivery boss added.