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Just Eat Takeaway will delist from the London Stock Exchange next month due to the administrative burden of a dual listing.
The business said the decision will “reduce the administrative burden, complexity and costs associated with the disclosure and regulatory requirements” of a listing in both London and Amsterdam.
It had initially planned to scrap its Amsterdam listing after JustEatTakeaway.com was created in 2020 by the merger of the London-based Just Eat and the Dutch-listed Takeaway.com.
It changed its mind in February 2022, scrapping its Nasdaq listing in the US and sticking to a dual listing in London and Amsterdam. Now, it is ditching London as well.
The delisting will become effective from 27 December with the last day of trading on 24 December.
The move is a blow to the UK government which launched “the biggest set of reforms to listing rules in over 30 years” earlier this year to try and reinvigorate the country’s capital markets.
A recent survey of FTSE 350 companies found that British boards are sceptical about the recovery of the LSE. More than half of business leaders said they expected the City to continue to experience net delistings over the next five years, according to the report published by the Chartered Governance Institute UK & Ireland.
The decision comes just a few weeks after Just Eat announced it was selling its US arm Grubhubfor for $650m having bought the US delivery company for over $7bn less than four years ago.
Morning update
Pets at Home revenue grew just 1.9% in the first half of the year as it battled an “unusually subdued” pet retail market.
Its retail revenue was flat at £696.3m which the business chalked up as “a resilient performance against a declining retail market.” Its veterinary business performed better, up 18.6% to £92.3m.
This brought the group’s total revenue to £789.1m for the 28 weeks to 10 October.
“The first half of FY25 was characterised by a subdued market, against which we outperformed,” said CEO Lyssa McGowan. “In retail, our customer satisfaction is excellent, our price position is strong, and we have tight control of our cost base.”
While the decline in the pet market has gone on longer than the business expected, it is confident market growth will return supported by established growth trends and a stable but higher pet population. “Periods of slower pet market growth are not unprecedented but are historically short-lived,” it said.
Last month’s budget will add £18m to its costs next year which will be mitigated through ongoing productivity programmes and investments in automation.
Reckitt Benckiser has announced Bacardi CEO Mahesh Madhavan will join the company as a non-executive director.
Reckitt said Madhavan has led a successful transformation of Bacardi since becoming CEO in 2017, providing stability and a clear strategy for success to the organisation. He will join the company’s remuneration committee from February 2025.
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