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Just Eat Takeaway.com NV on Wednesday reported a significant loss in 2021, as costs rose dramatically, but orders also surged and the company believes it is on the path to profit.
The online food delivery platform recorded a pretax loss of €1.05 billion, widened sharply from a €147 million loss in 2020.
Courier costs multiplied to €2.53 billion from €712 million. Order processing costs doubled to £406 million from £193 million and staff costs to €890 million from €417 million.
Revenue increased to €4.50 billion from €2.04 billion. Total revenue, which includes the performance of the company's US acquisition Grubhub, increased to €5.33 billion from €3.99 billion.
Total orders rose 33% to 1.09 billion from 816 million, though the average transaction value slipped to €25.94 from €26.28.
Gross transaction value increased to €28.18 billion from €21.45 billion.
Active customers ended 2021 at 99 million versus 91 million at the same point a year before.
Chief Executive Jitse Groen said: ‘After a period of significant investment, and with adjusted Ebitda losses having peaked in the first half of 2021, the company is now rapidly progressing towards profitability.
‘While the Northern European segment, with an adjusted Ebitda of €256 million in 2021, is the most profitable segment in the industry already, we also concluded the year with much improved adjusted Ebitda in our other operating segments. The team is working hard to make 2022 a successful year for both the company and all our stakeholders.’
Across the company, adjusted earnings before, interest, tax, depreciation and amortisation showed a loss, giving an adjusted Ebitda margin of minus 1.2%. In 2022, Just Eat Takeaway expect this to narrow to minus 0.6% to minus 0.8%, while gross transaction value should increase by a mid-teens percentage.
Shares in Just Eat Takeaway.com were 4.7% higher in London on Wednesday at 3,018.53 pence each.
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