Jiste Groen, the chief executive of Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) has said the fast-food delivery company will be investing in the UK market as it looks to compete with 10-minute grocery delivery services.
Groen said the company had broken even in the UK but will be investing “some capital in the expansion of the UK position,” in the Evening Standard.
Across the UK, and London in particular, instant grocery delivery companies, such as Gorillas and Getir have offered consumers a chance to have household items and goods delivered within 10 minutes in some cases.
Groen said that the company plans large investment into its grocery offer to take on the new challengers.
“We will do quite a lot of things to improve our business. We’re a growth business and the UK is obviously a very important market,” as quoted in the Standard.
The news comes as the company reported losses of £830mln, up from £113mln the year prior, with Groen saying the merging of Takeaway.com and Just Eat in 2020, and the subsequent takeover of US GrubHub for US$7.3bn weighed on performance.
It did, however, report a 33% revenue increase to €5.3bn, with active customers also rising 9% to 99mln.
Groen said the overall business was on course for profitability, with 2021 being the last year for peak losses.
Shares in Just Eat were up 4% in afternoon trading, changing hands at 3001p.