Just Eat Takeaway posts bumper results

Deliveroo looks to take a slice out of Just Eat's market.

Just Eat Takeaway posted a bumper set of results for 2020 as the pandemic boosted sales.

Revenue surged 54% from €1.6bn to €2.4bn (£2bn) over the course of the year whilst overall orders rose 42% to 588m.

“2020 was an exceptional year for Just Eat Takeaway.com,” said Jitse Groen, CEO of Just Eat Takeaway.com.

“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 revenue² grew 54% in 2020, and we expect a further acceleration of our order growth in 2021 compared with last year,” he added.

Shares in Just Eat Takeaway (LON: JET) have fallen -18.90% in the year to date and are currently trading at 6,890.38 (0821GMT).