Just Eat ups guidance as it returns to growth in Q3
In light of its GTV growth, Just Eat has upgraded its FY23 adjusted EBITDA to approximately €310m (£269m), up from its previous guidance of €275m (£238m)
Just Eat has raised its full-year guidance after returning to sales growth in its third quarter of trading.
Over the period, gross transaction value (GTV) growth in Northern Europe and UK and Ireland increased to 6% and 4%, respectively.
However, its North America business faced a “slower trajectory”, with GTV down by 18%.
Order numbers also fell in the period, down 3% in the UK and Ireland, 13% in North America, and 7% overall.
In light of its overall GTV growth however, Just Eat has upgraded its FY23 adjusted EBITDA to approximately €310m (£269m), up from its previous guidance of €275m (£238m).
In its latest update, the group said it would continue to “actively explore” the partial or full sale of Grubhub, adding that “there can be no certainty that any such strategic actions will be agreed or what the timing of such agreements will be”.
Jitse Groen, CEO of Just Eat Takeaway.com, said: “The majority of our business has returned to GTV growth in the third quarter with particularly strong momentum in Northern Europe and the UK and Ireland segments.
“Within the UK and Ireland we continue to invest significantly whilst at the same time increasing profitability.”
He added: “Although the recovery of North America is on a slower trajectory, we are satisfied that this segment too is rapidly becoming cash flow neutral.
“As a result, we are in a position to upgrade both our Adjusted EBITDA and cash flow guidance and now expect to be approximately cash flow break-even in the second half of 2023 and positive thereafter.”
