Just Eat losses rise after writing down Covid-era deals

Just Eat reported higher than expected losses after writing down the value of deals struck over the pandemic.

The food delivery giant reported losses of €5.7bn (£5.07bn) last year, largely thanks to a €4.6bn impairment charge on past equity-funded acquisitions. These include writedowns for its merger with US subsidiary Grubhub and acquisition of Takeaway. It also recorded a €275m loss for selling its stake in Brazilian food delivery app ifood last summer.

However, the Amsterdam-based company boosted revenue by about 4pc to €5.6bn in 2022.

Earnings before interest, taxes, depreciation, and amortisation was €19m compared to a loss of €350m the previous year.