Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY), hereinafter the "Company", or together with its group companies "Just Eat Takeaway.com", one of the world’s largest online food delivery marketplaces, issues a trading update in relation to the Just Eat business1 for the first quarter of 2020, following the lifting of the hold separate order by the UK Competition and Markets Authority ("CMA"). Reference is made to the Q1 2020 trading update for Takeaway.com stand-alone, released on 9 April 2020.
Statement of Jitse Groen, CEO of Just Eat Takeaway.com: “We are thrilled that Just Eat’s businesses have performed so well in the first quarter of 2020. More excitingly though, the temporary impact of the coronavirus in March, with Just Eat’s recovery following the same trajectory as Takeaway.com, underlines the strong positions in our most important markets. This is a fantastic basis to start our journey as Just Eat Takeaway.com.”
• Just Eat processed 65.3 million orders in the first quarter of 2020, a 6% increase compared with the corresponding period in 2019. All segments were growing in line with expectations until government restrictions to limit the spread of the coronavirus were put in place. After an initial reduction of orders mid-March, Just Eat recovered quickly to above before-coronavirus order numbers. Only the Europe segment, which includes countries such as Italy, France and Spain, hasn’t fully recovered.
• Following further investments in Just Eat’s logistical services, logistical orders increased significantly in all segments, bringing the share of logistical orders to 31% for the whole of Just Eat in the first quarter of 2020, compared with 24% in the first quarter of 2019. Naturally, this percentage is significantly lower in all countries other than Canada, which is entirely logistics based.
• While the investments in logistics, the impact of the coronavirus and the corresponding restaurant relief measures put pressure on the adjusted EBITDA2 for the standalone business of Just Eat, adjusted EBITDA generation continued to be strong in the first quarter of 2020.
• As per 15 April 2020, the CMA lifted the Initial Enforcement Order (“IEO”), which means that Just Eat Takeaway.com is no longer bound by its terms and is free to integrate the two businesses. The CMA’s investigation remains ongoing.