Takeaway.com made a loss of €115.5m in 2019, compared with €14.0 million in 2018.

It said the cost of sales was €110.9m in 2019, 154% higher than in 2018, after it grew from 38 cities at the end of 2018 to 91 in 2019.

Delivery expenses added up to €73.9m, representing 67% of its cost of sales. It said “excluding the impact of delivery expenses, cost of sales increased by 86% year-on-year, above order growth, driven by growth in the share of online payments, growing share of merchandise items and increased printer costs driven by the onboarding of new restaurants.”

Sales jumped by 78% to €426.8m compared with €240m in 2018, with the operation processing 159.2 million orders in 2019, a 70% increase compared with 2018.

Adjusted EBITDA was €12.3m in 2019 compared with minus €11.3 million in 2018.

“For the first time since our IPO, the Company ended the year with a positive Adjusted EBITDA,” said Jitse Groen, CEO of Just Eat Takeaway.com N.V. “Achieving this by the end of the third quarter was one of the medium-term targets in our IPO prospectus.

“It is important to note that we almost four-folded our revenue since 2016 and operational profitability is still a positive by-product of our top-line growth.

“This year, we rapidly integrated the German brands we acquired, and only several months later, we announced the merger with Just Eat. We are very excited about the opportunities the combination makes possible and are looking forward to 2020.”