TOP NEWS: Just Eat Delays Amsterdam Delist, Expects 2020 Revenue Rise

(Alliance News) - Just Eat NV on Wednesday said it will delay its planned delisting ...

Alliance News 13 January, 2021 | 8:36AM
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(Alliance News) - Just Eat NV on Wednesday said it will delay its planned delisting from Euronext Amsterdam, as it reviews the listing venues for its shares ahead of its acquisition of US peer Grubhub Inc, due to be completed during the first half of 2021.

The FTSE 100 online takeaway platform's delisting from Amsterdam was expected to take place around 20 trading days after February 3, which is the first anniversary of Just Eat's shares started trading in London following the merger of the UK's Just Eat PLC and Dutch firm NV.

However, Just Eat's acquisition of Grubhub requires that the group registers and lists the shares offered to Grubhub shareholders in the US.

As a result, Just Eat announced that it will take a period of time to determine the most optimal listing venues for the future, considering liquidity and trading volumes across its listings it would have in Amsterdam, London and New York. Just Eat Takeaway said it will remain listed in Amsterdam until "otherwise decided".

Shares in Just Eat Takeaway were down 4.5% at 8,662.00 pence in London, the worst performer in the FTSE 100. Its Amsterdam shares were 3.6% lower at EUR97.84 on Wednesday morning.

Also on Wednesday, Just Eat reported a rise in total orders for the fourth quarter of 2020, growing by 57% year-on-year to 179.8 million from 114.9 million.

For 2020 as a whole, total orders increased by 39% to 588.1 million from 422.1 million in 2019, as lockdown restrictions led to the closure of restaurants and pubs, driving customers to the food ordering platform.

For the final quarter of 2020, Just Eat expects revenue to be between EUR720 million and EUR740 million, a 60% to 64% increase from EUR451 million the prior year.

For the year as a whole, the group anticipates revenue to range from EUR2.38 billion to EUR2.40 billion, reflecting 51% to 52% year-on-year growth from EUR1.58 billion in 2019.

Just Eat expects an adjusted earnings before interest, tax, depreciation, and amortisation margin of 10%, reflecting significant investments in its Delivery offering in the fourth quarter of 2020.

Looking ahead, Just Eat said it will continue to "invest heavily" and prioritise market share over adjusted Ebitda.

"The fourth quarter of 2020 marks our third consecutive quarter of order growth acceleration. Our investment programme is very successful and has led to significant market share gains in most of our countries. The progress in the UK is particularly exciting; order growth of 58% and we have increased our Delivery Orders nearly five-fold in the fourth quarter of 2020 compared with the same period in 2019," said Chief Executive Officer Jitse Groen.

By Dayo Laniyan;

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