Just Eat shares dip despite reaching billion-order milestone

Just Eat’s share price fell by 3.2 per cent when markets opened this morning, after the company admitted it had failed to keep up last year’s momentum.

A third quarter update shows order growth stands at 25 per cent, down from 46 per cent in 2020.

However, the Amsterdam-based business saw some success in Britain, where growth leapt from 43 per cent to 51 per cent after heavy investment. 

The UK arm has processed over one billion orders since it was set up.

READ MORE: Grubhub founder Matt Maloney quits Just Eat

Growth in the US stands at three per cent after Just Eat moved into the market by buying delivery firm Grubhub.

Its founder Matt Maloney joined the Just Eat board in June but unexpectedly left last week.

Order growth fell across every other market, with a notably drastic decline in Canada from 98 per cent to 17 per cent.

Just Eat’s gross transaction value stands at €6.8 billion, up by a fifth since last year.

Although the company has moved into rapid grocery deliveries, JP Morgan said ahead of today’s trading update that it had been slow to do so.

Delivery rivals Uber Eats and Deliveroo have dramatically expanded their “quick commerce” grocery arms since lockdown began last year.

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