Just Eat Takeaway.com H1 Orders Climb; Lifts FY21 Order Growth View

Just Eat Takeaway.com (JET.L,GRUB), which completed the acquisition of U.S- based Grubhub in June, reported Thursday that its first-half orders climbed 61 percent. The order growth was 51 percent including Grubhub.

In its trading update for the second quarter, the online food delivery marketplace said it gained online share in the UK, including a significant inflection in London with triple-digit order growth in the first half of 2021 compared with the first six months of 2020. Delivery order growth in the UK was 733 percent in the first half of 2021, compared with the same period in 2020.

Jitse Groen, CEO of Just Eat Takeaway.com, said, "We have combined Just Eat Takeaway.com and Grubhub into one of the largest online food delivery companies in the world. ...Adjusted EBITDA losses, mainly caused by US and Canadian fee caps and our investment programme, have now peaked. We therefore expect the Company to trend back to profitability going forward while retaining significant growth during the second half of the year."

For the full year 2021, the company has upgraded its order growth view, and now expects more than 45 percent order growth, compared to previous guidance of more than 42 percent order growth for Just Eat Takeaway.com, excluding Grubhub.

GTV for the full year 2021 for Just Eat Takeaway.com, including Grubhub, is expected to be in a range of 28 billion euros to 30 billion euros.

For the full year 2021, the company expects to generate an adjusted EBITDA margin in a range of minus 1 percent to minus 1.5 percent of GTV.

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