Just Eat has announced a loss of €5.7 billion in its latest financial results.

The online food delivery giant said that last year’s loss was related to impairment losses of €4.6 billion associated with the company’s buyout of Grubhub.

It added that these losses were largely driven by macroeconomic factors, including increasing interest rates.

Despite Just Eat only having completed the purchase of the US food delivery platform in 2021, last year it was reported that the company was already considering the sale of the brand due to a decrease in order numbers after the pandemic.

The figures also include a loss of of €275 million on its sale of its stake in Brazilian online food ordering app iFood.

The company did however record increased revenue of four per cent to €5.6 billion over the 12-month period compared to 2021.

Without the impact of the merger and sale of the iFood stake, the loss would have amounted to €792 million compared with €990 million in 2021.

“In 2022, our priority was to enhance profitability and strengthen our business,” said Jitse Groen, chief executive of Just Eat Takeaway.com. “As a result, we materially improved our financial performance and generated Adjusted EBITDA of €19 million in 2022 compared with minus €350 million in 2021.”

Groen said he expects further improvement on earnings this year, adding that the business continues with its ambition to create a “highly profitable” food delivery business.

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