Food and Drink

Just Eat sees 2020 revenues soar 54%

The group’s UK operations represented a 42% spike in revenues from £436m to £621m

Just Eat Takeaway.com (Just Eat) has revealed total group revenues of £2.06bn for the year ended 31 December 2020, a year-on-year growth of 54%.

Adjusted EBITDA for the period also increased from £185.9m in 2019 to £256m in 2020, a jump of 18% for the year.

As for the group’s UK operations, it saw a 42% year-on-year spike in revenues from £436m to £621m.

Despite the strong performance regarding UK revenues, Just Eat’s adjusted EBITDA for the region remained close to its 2019 levels, growing 2% to £185m.

In terms of orders, the group said that it is “the clear market leader in the UK,” with the UK accounting for 179 million out of the group’s 588 million global orders for the year.

Moreover, orders at Just Eat in the first two months of 2021 are up 88% compared to 2020, with delivery orders representing a year-on-year increase of over 600% for the same period.

Just Eat said that “given recent trading and the investment programme,” the group’s management team “expects to increase market share in the UK in 2021”.

Jitse Groen, CEO at the company, said: “2020 was an exceptional year for Just Eat Takeaway.com. 

“In the second half of the year, we increased our investments into the legacy Just Eat business significantly, building on our position as one of the largest food delivery companies in the world.”

With revenue on an upward trajectory in 2021 at the firm, Just Eat also raised over £940m through a convertible bonds offering on 2 February 2021, further strengthening the group’s balance sheet.

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