Just Eat: Takeaway delivery giant’s shares rise over 10 per cent despite reporting a drop in orders
Shares in Just Eat Takeaway.com rose this morning after the food delivery company reported a positive outlook for the year ahead.
Shares in the firm jumped despite the fact the Amsterdam-headquartered firm reported a fall in orders towards the end of last year.
The total value of orders placed on Amsterdam-based Just Eat’s platform globally in the fourth quarter was €7.11 billion (£6.22bn), down from €7.23bn notched up in the same quarter in 2021.
In the UK and Ireland, the total value of orders dropped to €1.695bn for the fourth quarter, down from €1.74bn in 2021.
The firm said, however, that it expects positive adjusted EBITDA of €225 million in 2023.
Jitse Groen, CEO of Just Eat Takeaway.com said: “Our focus on profitability resulted in a material improvement in Adjusted EBITDA, from minus €134 million in the first six months of 2022 to approximately €150 million positive in the second half of the year.”
“Our improved profitability and strong capital position strengthen our business for further growth and underpin our ability to both deliver on our Adjusted EBITDA targets and invest in food and non-food adjacencies,” Groen said.
Shares in Just Eat, which are dual listed in London and Amsterdam, were up around 10 percent on both exchanges at the time of reporting.
The firm also said that its senior management, together with advisors, “continues to actively explore the partial or full sale of Grubhub” – an idea it first floated early last year.