Just Eat loss smaller than expected, to exit Norway Portugal

Core losses came in at €350m against analyst forecasts of a loss before interest, taxes, depreciation and amortisation (EBITDA) of €366m for 2021, compared with an EBITDA profit of €363 million a year earlier.

Revenue rose 34% to €5.33bn, beating its 2020 Covid pandemic figure by €1.3bn when housebound consumers under lockdown restrictions splashed out on takeaway meals.

"After a period of significant investment, and with adjusted EBITDA losses having peaked in the first half of 2021, the company is now rapidly progressing towards profitability," said chief executive Jitse Groen.

“While the Northern European segment, with an adjusted EBITDA of €256m (£213.7m) in 2021, is the most profitable segment in the industry already, we also concluded the year with much improved adjusted EBITDA in our other operating segments.”

Net loss was €1.04bn, up from a loss of €151m a year earlier. The company said it had €1.3bn in cash on its balance sheet, as of 31 December.

Just Eat said its cash position, intention to sell its stake in iFood in Brazil, which has been valued as worth more than €2bn, and intention to 'seek a strategic partner' for GrubHub 'provide a solid foundation for the future.'

The company said Norway and Portugal, the countries it is leaving as of 1 April, had generated an EBITDA loss of about €10m annually.