SPEED DELIVERY. Just Eat Takeaway.com boss Jitse Groen’s turnaround is getting further and further away. The Anglo-Dutch meal delivery company on Wednesday said the lockdown helped revenue grow by 54% last year to 2.4 billion euros. Yet the 12 billion euro group is still far from profitable. The cost of investing in a fleet of drivers in the UK contributed to a net loss of 151 million euros, up from 115 million euros a year earlier.
The investment is starting to pay off. Orders in the UK were up 88% in the first two months of 2021. But Groen’s job will get harder from now on. As restaurants reopen, people will want fewer deliveries. And rival Deliveroo will soon be listed, boosting its access to capital. Groen also needs to focus on an even more competitive U.S. market, where merger partner Grubhub is losing market share. A likely imminent sale of the 33% stake in Brazilian startup iFood, worth at least 2.
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