9th Apr 2020 10:54
(Alliance News) - Just Eat Takeaway.com NV on Thursday reported a 50% rise in first-quarter sales on increased demand for food deliveries due to the lockdown measures imposed to slow the spread of the novel coronavirus.
Just Eat Takeaway shares were up 8.5% at 7,196.63 pence, the best performer in the FTSE 100 on Thursday.
Dutch food delivery firm Takeaway merged with UK-based Just Eat earlier this year. However, the two businesses are being run independently as the UK Competition & Markets Authority investigates the merger.
As such, the figures released Thursday only relate to Takeaway's business and do not factor in Just Eat's. They cover sales in the Netherlands, Germany and "other leading markets", the company said.
For the quarter ended March 31, Takeaway.com said orders jumped 50% to 46.7 million from 31.1 million in the first quarter of 2019.
Takeaway.com Chief Executive Jitse Groen said: "In these uncertain and unprecedented times, our top priority has been the well-being of our staff, partner restaurants and consumers. I am proud that our employees have been able to serve so many people, even while undergoing restrictive measures themselves.
"Takeaway.com is one of the few, and privileged, companies that has only modestly been affected by the crisis. The most notable effect on our figures has been, what we now believe to be, a temporary impact on our March orders. Despite enormous shifts in user behaviour and restaurant composition, our business continues to be very strong and resilient."
Further, the Dutch firm said as a result of government measures banning dine-in service, it experienced an increase in applications during the period from restaurants attempting to compensate for the loss of earnings from dining-in.
Takeaway.com added that it has a flexible cost base and the ability to draw under the revolving credit facility, which was extended from EUR60 million to EUR120 million at the end of January 2020. The company added that is well financed and able to adapt to uncertain circumstances caused by the outbreak.
Less positively, the online takeaway delivery platform said it suffered from cyberattacks in the week starting March 16, affecting several hundred thousand orders.
By Arvind Bhunjun; [email protected]
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