Just Eat reports a slump in profits

Just Eat has reported a plummet in profits after they invested heavily in their own delivery services and Brazilian joint venture with iFood.

The company are also preparing for a merger with Dutch rival Takeaway.com in a deal that will be valued at £8.2bn.

Profit before tax fell by 98% to £800,000 in the six months to 30 June.

Interim chief executive Peter Duffy said: “We’ve been working at pace and made good progress in the first half of the year to become the preferred food delivery app for our customers, with a broader choice of restaurants, a better user experience and a more personalised and impactful approach to communication.”