Just Eat Takeaway shares (LON: JET) have surged as the food delivery group saw orders jump 46% in the third quarter.
As demand soared over lockdown, Just Eat reported UK sales to be up by 43% in the third quarter of the year in the same period in 2019.
The group is the result of a £6.2bn merger between Just Eat and Holland’s Takeaway.com.
Chief executive of the group, Jitse Groen, said: “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 EBITDA, while investing aggressively, and are well-positioned for autumn and winter, our traditional growth season.”
The group launched new partnerships with Mcdonald’s and Greggs in the UK.
Earlier this month, Just Eat Takeaway shareholders approved a $7.3bn acquisition of US delivery platform Grubhub. They rejected the chief executive’s pay package, however. The deal is expected to be completed in the first half of 2021.
“As Deliveroo and Uber Eats develop and expand their logistics capabilities one could expect a greater level of competition outside of London, where Just Eat enjoys much higher market share,” commented Dan Thomas, an analyst at Third Bridge.
“Over the next 18 months, experts expect Deliveroo – now backed by Amazon – to be the most aggressive in expanding its geographical coverage.”