Services: Just Eat Takeaway with billions write-off on Grubhub

The delivery service giant Just Eat Takeaway slipped deeper into the red in the first half of the year due to a write-down on the US subsidiary Grubhub.

Services: Just Eat Takeaway with billions write-off on Grubhub

The delivery service giant Just Eat Takeaway slipped deeper into the red in the first half of the year due to a write-down on the US subsidiary Grubhub.

The bottom line is that the Lieferando mother reported a loss of around 3.5 billion euros on Wednesday after a minus of 486 million euros in the same period last year.

Just Eat Takeaway only announced the purchase of Grubhub in the summer of 2020 for 7.3 billion dollars or around 6.4 billion euros in treasury shares at the time. Now the company had to write off three billion euros, almost half of it. The US company now wants to get rid of Just Eat Takeaway.

Falling short of expectations

In the first half of the year, the food supplier fell short of analysts' average expectations for most indicators. Both the number of orders at around 510 million and the gross transaction value (GTV) at almost 14.2 billion euros were weaker than experts had on the slip. A year ago there were still 547 million orders and a GTV of 14.1 billion euros. Just like its competitor Delivery Hero, Just Eat Takeaway has to look at how to deal with inflation and the resulting tighter customer budgets.

Adjusted loss before interest, taxes, depreciation and amortization (Ebitda) fell almost 30 percent year-on-year to 134 million euros, slightly better than expected. The Northern Europe segment in particular made a "significant" contribution to this, it said. In addition to Germany with Lieferando, the region also includes Denmark, Poland, the Benelux countries and Austria. Sales grew from around 1.77 to a good 2.78 billion euros.

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