Just Eat Takeaway swings to FY profit
Food delivery service Just Eat Takeaway.com swung to a full year profit as increased scale offset higher investment in its Scoober business.
The company, which is merging with UK peer Just Eat in a $7.8bn deal, reported adjusted core earnings of €12.3m compared with a loss of €11.3m in 2018. Gross revenue grew by 78% to €426.8m.
Net revenue increased 79% to €415.9m on the back of the €930m acquisition of Delivery Hero's German operations in April.
On Wednesday Germany-based food delivery group Delivery Hero said it would buy 8.4m additional shares of Just Eat Takeaway.com through a forward share purchase agreement restoring its exposureto 10.6% after the dilution caused by the merger.
Shares in Just Eat Takeaway.com started trading in February. The firm is waiting for a final approval from the UK’s Competition and Markets Authority (CMA) before it can merge operations and brands. The CMA’s first probe is due to end on March 5.