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Just Eat plans to close 2023 returning to positive

Despite a global crisis, the food delivery company assumes an ebitda rise

Food delivery in crisis seeks to return to stable profitability after the pandemic boom. One example is Just Eat Takeaway, which predicts an adjusted ebitda of about 320 million Euros for 2023, better than the forecast of about 310 million formulated in mid-October. Gross transaction value (GTV), a common parameter for food delivery companies, grew by 4% in Northern Europe and by 5% in the UK and Ireland in the fourth quarter of 2023, although overall, throughout 2023 it decreased by 4%, in line with its annual indications. In North Europe and the United Kingdom, on the other hand, in all 0023 the GTV increased by 3%, but decreased by 11% in North America, where Just Eat is still considering the partial or total sale of its Grubhub unit.

Free cash flow was around break-even in the second half of 2023: in mid-October 2023, Just Eat said it expected to break free cash flow in the second half of the year and keep it positive afterwards. We will see if the data is confirmed on 2118 February next when the company will announce the full results of 2023 and the forecast for 2024. In fact, these results, if confirmed, confirm the forecasts already made in April 2023 when the company assumed an increase in profits. 

"Both our segments in Northern Europe and the UK and Ireland have reached their highest quarterly level of GTV, demonstrating the strength of our European business -explains Jitse Groen, ceo of Just Eat Takeaway-. At the same time, we have reached a significant milestone, with the company now becoming positive for free cash flow".

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EFA News - European Food Agency