Dow Jones Newswires: Just Eat swings to profit, but sees orders fall

by | Jan 18, 2023 | Stock Market

Just Eat NV on Wednesday said it swung to adjusted Ebitda profitability for the second half of 2022, and reported a 12% fall in fourth quarter orders. The Amsterdam-headquartered food-delivery group

said adjusted earnings before interest, taxes, depreciation and amortization–a metric which strips out exceptional and other one-off items–were around 150 million euros ($161.8 million) compared with an adjusted Ebitda loss of EUR134 million in the year-prior period.

Adjusted Ebitda for 2022 was around EUR16 million compared with an Ebitda loss of EUR350 million in 2021. The company said it processed 239.8 million orders in the fourth quarter compared with 273.7 million orders for the same period a year earlier. Gross transaction value for the fourth quarter was EUR7.1 billion compared with EUR7.3 billion a year before. For the full year, gross transaction value was flat at EUR28.2 billion and orders stood at 984.5 million, down from 1.09 billion orders in 2021. The company said it expects 2023 adjusted Ebitda to be around EUR225 million, and that growth in the year will be skewed toward the end of the year in the second half. “Management, together with its advisers, continues to actively explore the partial or full sale of Grubhub,” the company said. Write to Anthony O. Goriainoff a …

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