Just Eat Takeaway.com records black numbers

(ABM FN-Dow Jones) Just Eat Takeaway.com posted positive adjusted EBITDA in the second half. The meal delivery company announced this Wednesday morning.

In the last six months of 2022, Just Eat Takeaway.com recorded adjusted EBITDA of approximately €150 million. This is a loss of 134 million euros in the first half. Revenue per order increased, while shipping costs decreased somewhat.

Over the whole of 2022, adjusted EBITDA amounted to 16 million euros compared to a loss of 350 million euros in 2021.

“Our improved profitability and capital strength pave the way for future growth and underscore our ability to meet our EBITDA targets,” CEO Jitse Groen said in a statement.

In the fourth quarter, orders fell 12% to around 240 million units. Analysts expected around 252 million orders.

The decline was particularly steep in Southern Europe, Australia and New Zealand, with a 21% decline. In Northern Europe, the 7% decline was relatively limited. For 2022 as a whole, orders fell 9%.

The gross value of transactions also fell during the last quarter, at constant exchange rates, by 6% to 7.1 billion euros. ING was targeting 7.6 billion euros. In Northern Europe, the gross value of transactions increased slightly, by 3% to 1.9 billion euros, while in the United Kingdom and Ireland it amounted to 1.7 billion euros. Over the whole of 2022, the gross value of transactions fell by 5% to 28.2 billion euros, if calculated at constant exchange rates.

Just Eat Takeaway.com continues to focus on achieving a positive adjusted EBITDA of €225 million in 2023. Growth will occur towards the end of the year.

A Grubhub sale is also still on the table. The meal delivery service could not make any further statements on the matter on Wednesday.

Source: ABM Financial News