Just Eat has suffered a loss of over €1 billion (£830 million), despite revenue growing by 33% and the company “progressing towards profitability”.
The food delivery company has published its annual results, revealing 2021’s operating loss of €1,044 million (£867 million) in 2021, compared with €151 million (£125 million) in the previous year.
The food delivery platform put its its financial losses down to “investments in historically underinvested legacy JustEat markets”.
READ MORE: Which Central England Co-op stores now deliver on Just Eat?
The losses were directly related to recent acquisitions and marketing activity, including US-based GrubHub and sponsoring the UEFA Euro 2020 Football Championship.
However, the food platform also experienced impressive revenue growth with an increase of 33% to €5.3 billion (£4.4 billion) in 2021, compared to €4.0 billion (£3.3 billion) in 2020.
Northern Europe was the “most profitable segment” with an adjusted EBITDA of €256 million (£213 million) in 2021.
Within the region, there has also been significant growth in the UK and Ireland, which saw orders double in the past two years and is reportedly now on a “clear path to profitability”.
“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.
“We also concluded the year with much improved adjusted EBITDA in our other operating segments… The team is working hard to make 2022 a successful year for both the company and all our stakeholders.”
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