13th Feb 2020 09:05
(Alliance News) - Takeaway.com NV, prior to its all-share merger with Just Eat PLC, saw a sharp revenue rise in 2019 and registered positive earnings for the first time since its IPO, numbers showed on Thursday.
The company merged with London-listed Just Eat to create Just Eat Takeaway.com NV.
For Takeaway.com on its own, the Dutch firm reported a 78% revenue surge to EUR426.8 million in 2019 from EUR240.0 million in 2018.
The company generated adjusted earnings before interest, tax, depreciation, and amortisation of EUR12.3 million, the first time it has been earnings positive using this metric since it first floated in 2016.
In 2018, Takeaway.com suffered an adjusted Ebitda loss of EUR11.3 million.
"This improvement was driven by our greater scale and efficiency in marketing, which offset the increased investments in our organisation and Scoober," the company said, referring to its Scoober delivery arm.
Just Eat Takeaway.com Chief Executive Jitse Groen said: "For the first time since our IPO, the company ended the year with a positive Adjusted Ebitda. Achieving this by the end of the third quarter was one of the medium-term targets in our IPO prospectus. It is important to note that we almost four-folded our revenue since 2016 and operational profitability is still a positive by-product of our top-line growth.
"This year, we rapidly integrated the German brands we acquired, and only several months later, we announced the merger with Just Eat. We are very excited about the opportunities the combination makes possible and are looking forward to 2020."
Takeaway.com won a bidding war for Just Eat in January, in a deal worth 916p per Just Eat share. South African media and internet investor Prosus NV had offered 800p.
On Wednesday, German takeaway firm Delivery Hero SE said it has entered into an agreement to buy 8.4 million shares in Just Eat Takeaway.com.
The share purchase agreement means the German takeaway firm effectively will restore its 11% stake in Just Eat, which was diluted by the London-listed company's merger with Dutch peer Takeaway.com.
Shares in Just Eat Takeaway were 0.8% lower at 8,190.00 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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