Just Eat Shares Rise As Company Delivers 135 Million Orders In Sixth Months
Just Eat Takeaway shares have risen as the number of UK orders soared by 58 million in the first six months of 2021 to 135 million.
However, a period of increased promotions and deals to entice new customers weighed on the food delivery service’s top line. Just Eat said it had fallen to a €71 million underlying pre-tax loss in the UK, whereas the same period a year ago saw a €127 million profit. Overall revenue hit €2.6 billion for the half, an increase of 52%.
On average, UK households made Just Eat orders 3.2 times per month, up from 2.5 times per month during the first half of 2020 amid the start of the pandemic. This increase follows a shift in consumer spending habits as people increasingly opt for convenience and home comforts during lockdowns, and even post-lockdown, despite restaurants and pubs reopening.
In the first six months of 2021, the number of Just Eat orders placed in the UK increased by 58 million to 135 million compared with a year earlier. Following a major period of investment, the food delivery service saw its share of the London market jump by 10%.
