14th Oct 2020 08:26
(Alliance News) - Just Eat Takeaway.com NV on Wednesday said order growth accelerated in the third quarter, leading to a widening gap to its competition in key countries, including the UK and Canada.
Shares in the company were up 5.3% at 9,312.00 pence each in London.
The coronavirus pandemic and the resultant movement restrictions has led to a sharp rise in online food orders, benefiting online takeaway platforms such as Just Eat Takeaway.com.
Just Eat Takeaway.com said 46% more orders were placed in the third quarter of 2020 than a year earlier, due to strong demand in online orders as a result of coronavirus social distancing measures in restaurants.
Order growth accelerated from an increase of 32% in the first half of 2020, with orders in the third quarter up 47% in Germany on a year before, 98% in Canada and 43% in the UK.
Total orders for the quarter stood at 151.4 million versus 103.6 million a year ago. Year-to-date order growth was 37% at 408.3 million.
The company said it continued to enhance its restaurant selection, driven by several new partnerships, including the roll-out of approximately 800 McDonald's restaurants and 300 Greggs PLC locations in the UK.
"Order growth at Just Eat Takeaway.com further accelerated, consequently widening the gap to competitors in our key markets. We have continued to generate strong adjusted earnings before interest, tax, depreciation and amortisation, while investing aggressively, and are well-positioned for autumn and winter, our traditional growth season," said Chief Executive Jitse Groen.
The company also said that the integration of Just Eat and Takeaway.com remains on track, with all regions adopting the same branding, creating a single brand identity. Dutch company Takeaway.com completed the GBP6 billion takeover of UK rival Just Eat in April.
The combined entity, Just Eat Takeaway.com, subsequently struck a deal in June to buy US delivery platform Grubhub.
By Tapan Panchal; [email protected]
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