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Just Eat H1'20 net loss widens despite 44% YOY revenue growth

Just Eat NV said Aug. 12 that coronavirus-induced demand boosted like-for-like revenue by 44% in the first half of 2020 but reported a wider net loss due to rising costs.

For the six-month period, the company's loss increased to €158 million from €27 million on a like-for-like basis, primarily due to expenses related to the merger of Just Eat and and the proposed acquisition with Grubhub Inc.

Comparable revenue jumped to €1.03 billion from €715 million a year ago thanks to a 32% increase in orders mainly driven by strong growth in the second quarter. The company swung to an operating loss of €78 million from a profit of €29 million.

Adjusted EBITDA rose 133% to €177 million from €76 million in the prior-year period, mainly driven by gross margin growth.

Just Eat Takeaway's Amsterdam-listed shares rose 2.2% to 98.40 in morning trading while its London-listed stock rose 1.6% to 8,820 pence.

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Just Eat said as of June 30, the number of restaurants listed on its platforms increased to 207,000 from 157,000 in the previous-year period while active consumers rose to 54 million from 44 million. Gross merchandise value grew 42% year over year.

The company's Brazil unit, iFood Holding BV, reported a 261% jump in revenue during the six-month period after order growth almost doubled year over year.

The company did not provide financial guidance for the remainder of the year. It will hold an extraordinary general meeting in October to secure shareholder approval for the Grubhub deal, which is expected to be completed in the first half of 2021.