Investors tuck in to Just Eat after update

Shares in FTSE 100 delivery platform Just Eat (LON:JET) climbed by 3.89% to 7,110p (as of 13:55 GMT) after it posted a 54% increase in revenues for the year ended 31st December. Order numbers were up by 42% relative to 2019 as COVID helped to increase demand and the company increased investment in legacy markets. However, IFRS losses for the period also rose, largely due to amortisation and acquisition related costs.

CEO Jitse Groen commented: “2020 was an exceptional year for Just Eat Takeaway. Right before the completion of the merger between Just Eat and Takeaway.com, the world was hit by Covid-19. This brought unprecedented challenges to our restaurants, consumers as well as to our organisation and staff, but it also created tailwinds for our business. 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. Our revenue grew 54% in 2020, and we expect a further acceleration of our order growth in 2021 compared with last year“.