In its third quarter, Takeaway.com received almost twice as many orders and exceeded forecasts. The company is also on track with the integration of Just Eat and GrubHub.
Aggressive investments
Just Eat Takeaway.com is doing well. In the previous quarter, orders increased by 46% to 151.4 million. So far this represents a growth of 37% and 408.3 million orders this year. The Dutch domestic market recorded 12.6 million orders and a growth of 32%.
Yet analysts are even more pleased to see that the meal delivery company is gaining market share in countries that were previously dominated by Just Eat, such as France and the UK. “Order growth accelerated compared with the prior quarter, leading to a widening gap to competition in key countries, including the UK and Canada” said CEO Jitse Groen. In fact, Australia was the fastest growing country with an increase in market share and triple-digit order growth.
Green card for the United States
The company owes its growth to an “aggressive investment programme” in the former Just Eat-dominated countries, which led to a significant increase in marketing and sales expenditure. Nevertheless, although he does not give any concrete figures, Groen claims to be able to maintain strong EBITDA.
ING analysts also believe that in the second half of this year, during the traditionally strong autumn and winter months, Takeaway.com will be able to maintain similar results. The acquisition of US counterpart GrubHub may contribute to this, as shareholders gave their go ahead for the merger on 7 October. The transaction is expected to be completed in the first half of 2021.
