The British delivery platform Just Eat, which reached an agreement with the Dutch company Takeaway.com in August on a merger, saw its revenue grow by 25 percent in the third quarter compared to the same period last year. Turnover is higher than expected, but the share on the London stock market is still falling by around 7 percent.
The turnover of the delivery group received a boost in the third quarter because Just Eat is being rolled out further and further in Great Britain. As a result, the company's sales increased to £ 247.5 million (€ 287.7 million).
Nevertheless, the results are not well received on the London stock exchange. At around 12.20 pm, the share fell by 6.65 percent to 583.5 pence. The reason for this is the fall in the total number of orders compared to the second quarter. Where Just Eat made 8 percent more deliveries in the third quarter, it was 11 percent in the second quarter.
Investors see this as a sign that Just Eat is increasingly bothered by competition from Uber Eats and Deliveroo, among others.
Takeaway share is also falling
The share of delivery platform Takeaway.com, known from Thuisbezorgd, also suffers from the lower price of Just Eat. The share price fell by around 4.2 percent around noon.
Both companies hope to complete their merger before the end of the year. They agreed on a merger in July, with Just Eat shareholders acquiring a 52.2 percent stake in the new company. The current shareholders of Takeaway will receive a stake of 47.8 percent.
The agreement creates one of the largest players in the field of meal delivery in Europe. Added together, Just Eat and TakeAway took 360 million orders last year with a value of 7.3 billion euros. The group, which is to be called Just Eat Takeaway.com NV, will be market leader in, among others, the United Kingdom, Germany, the Netherlands, Belgium and Poland.