Amsterdam-based food delivery giant Just Eat Takeaway.com, which completed the acquisition of Grubhub and Bistro.sk, reported that its revenue for the H1 2021 increased 52 per cent (63 per cent excluding Grubhub) to €2.6B.
Jitse Groen, CEO of Just Eat Takeaway.com, says “In the first six months of this year, Just Eat Takeaway.com continued to invest significantly, predominantly in the historically underinvested legacy Just Eat countries. Our consumer base, restaurant selection, and order frequency have strongly increased, which will lead to improved profitability going forward.”
Here are six key takeaways from Just Eat Takeaway H1 2021 financial results.
Pro forma revenue up by 47 per cent
Just Eat Takeaway’s revenue grew to €1.77B from last year’s €675M. Its Pro forma revenue grew by 47 per cent to €2.61B from last year’s €1.7B. On a constant currency basis, the Pro forma revenue grew by 52 per cent.
Adjusted EBITDA on a combined basis for Just Eat Takeaway.com was minus €190M in the first six months of 2021, representing an adjusted EBITDA margin of minus 1.3 per cent of GTV (Gross Transaction Value) .
Business in the UK
In the UK, Just Eat Takeaway processed 135M orders in the first six months of 2021, representing a growth rate of 76 per cent compared with the same period last year. Delivery orders in H1 2021 grew more than 700 per cent compared with the same period last year, says the report.
The GTV increased by 63% YoY. The company’s revenue grew by 82 per cent to €552M in H1 2021 from €303M in the same period last year. The adjusted EBITDA was minus €71M in H1 2021 compared with €127M in the H1 of 2020.
Average monthly order frequency in the UK reached 3.2 times, up from 2.5 times a year ago.
Business in Germany
In Germany, Just Eat Takeaway processed 80M orders in H1 2021 with an order growth of 62 per cent compared with the same period in 2020. The Gross Transaction Value (GTV) reached nearly €2B, an increase of 77 per cent compared with the same period last year.
The report says the revenue in Germany grew to €284M in H1 2021 from €161M in H1 2020, representing an increase of 76 per cent. This growth is driven by the Delivery business, which has higher revenue per order.
The German business generated €94M of adjusted EBITDA, up 63 per cent from €58M in the same period of 2020. While overall orders grew 62 per cent, Delivery orders grew 110 per cent.
Business in the Netherlands
In the Netherlands, Thuisbezorgd.nl processed more than 31M orders in the first half of 2021, representing a growth rate of 37 per cent compared with the same period last year.
In the first six months of 2021, GTVgrew by 48 per cent, outperforming order growth, driven by an increase in average transaction values.
Revenue grew 50 per cent to €120M in the first half of 2021 from €80M in the same period last year. Adjusted EBITDA increased to €40M in the first six months of 2021 from €38M compared to the same period last year.
“The adjusted EBITDA margin decreased mainly due to decreased marketing spend as a result of Covid-19 in the first half of 2020, and a higher Delivery share following our enhanced Delivery restaurant selection,” says the report.
Business in Rest of the World
It’s worth mentioning that the company has combined other countries including Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Norway, Poland, Portugal, Romania, Spain, and Switzerland, under the Rest of the World.
The online food delivery giant processed 109M orders across the Rest of the World, an increase of 54 per cent compared with the same period last year, claims the company.
“All countries grew orders year-on-year, with Australia, the largest market in the segment, generating triple-digit order growth,” says the company. Delivery orders grew by 190 per cent, and the GTV reached €2.5B, up by 59 per cent.
Rest of the world’s revenue grew 63 per cent to €423M in H1 2021 from €259M in H1 2020. They produced adjusted EBITDA of minus €136M in 2021 compared with €7M in the same period last year as a result of additional investment.
Strategy Update
Just Eat Takeaway operates as an online food delivery marketplace that focuses on connecting consumers and restaurants through its platform.
With over 580,000 connected restaurants, the platform offers consumers a wide variety of food choices.
Additionally, it also provides its proprietary ‘restaurant delivery services’ to restaurants that do not deliver themselves.
“We are continuing to invest in and grow our proven hybrid model, which allows us to offer the broadest restaurant selection and best value proposition to our growing consumer base. We are committed to Delivery, which brings incremental revenue opportunities alongside our marketplace offering and where we benefit from significant efficiencies of scale given the size of our market positions,” the company said.
The company also said it intends to monetize their 33 per cent stake in iFood if an appropriate offer is made. “We are also exploring exciting growth opportunities, including our uniquely positioned B2B offering and our developing convenience (grocery) offering,” it added.
Currently Just Eat Takeaway operates in the UK, Germany, the Netherlands, Canada, Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Norway, Poland, Portugal, Romania, Spain, and Switzerland, and has partnerships in Colombia and Brazil.
