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Just Eat sees profits increase but orders drop

Home » News » Just Eat sees profits increase but orders drop
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Just Eat has reported a 10% drop in fourth-quarter orders in the UK and Ireland but improved profitability overall.

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The online food delivery platform generated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) amounting to approximately €150 million – or 1.1% of gross transaction values (GTV) – in the second half of 2022, a significant improvement from minus €134 million in the first half of the year.

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This, it said, was driven by improved revenue per order, delivery costs per order and overheads and operating expenditure.

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Full year adjusted EBITDA also improved to approximately €16 million in 2022, up from minus €350 million in 2021. The largest contributions to the second half improvement were driven by three operating segments: North America, Southern Europe and ANZ, and UK and Ireland.

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In the UK and Ireland, 65.4 million online orders were processed in the fourth quarter of 2022, down 10% on the previous year, and 260.3 million orders across the year, also down 10% on 2021.n

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Full year 2022 GTV was stable compared with €28.2 billion in the prior year, driven by a higher Average Transaction Value and positive FX movements, which offset lower Order volumes. Full year GTV in the UK and Ireland was down 1% at 6.6bn.

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Looking ahead, Just Eat said that the focus will remain on profitability and expects to deliver a positive Adjusted EBITDA of approximately €225 million in 2023.

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