Just Eat Takeaway posts €1bn loss but is ‘well on the way to profitability’

Food delivery riders in Amsterdam. Photo: Depositphotos.com
Food delivery riders in Amsterdam. Photo: Depositphotos.com

Dutch meal delivery service Just Eat Takeaway booked a loss of €1bn in 2021, compared with a loss of €151m in the previous year, following major investments in the UK and spending of €350m on takeover-related costs.

However, turnover rose 33% to €823m, as coronavirus encouraged more people to eat at home and the company spread into new territories.

The company, which is listed on the Amsterdam stock exchange, is pulling out of the Norwegian and Portuguese markets to ‘concentrate on leadership positions’. It is also expected to end its Nasdaq listing on March 11.

Founder Jitse Groen said in a conference call that the company is well on the way to profitability and that the big losses are now a thing of the past.

Shareholders responded enthusiastically to the figures and the company’s share price was up 7% in early trading.

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