February 13, 2019 / 7:59 AM / 3 months ago

Takeaway.com posts smaller full-year loss, sales soar

(Reuters) - Netherlands-based food delivery firm Takeaway.com, which acquired the German activities of Delivery Hero in December, said its full-year comprehensive loss narrowed 68 percent to 13.8 million euros($15.64 million) as revenue surged.

Gross revenue grew 44 percent to 240 million euros in 2018, while revenue from Germany soared 49 percent to 86 million euros.

The company said its acquisition of four businesses last year will prove instrumental in its future development. It would not provide an outlook at this point, it added, in view of the acquisition of Delivery Hero and related issuance of shares.

Brokerage RBC said that through the acquisition of Delivery Hero’s German assets, Takeaway.com has become the single dominant player in one of the largest food delivery markets.

RBC suggested the company’s revenues in Germany could increase tenfold in ten years, adding that network effects should enable Takeaway.com to sustain high levels of growth and margin expansion for the foreseeable future.

The company’s management expects the Delivery Hero transaction to be completed on April 1, 2019.

Takeaway.com shares rose 1.0 percent in morning trading.

Reporting by Zuzanna Szymanska in Gdynia; Editing by Gopakumar Warrier and Alexandra Hudson

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