Just Eat guides to strong profit growth in 2024

28th Feb 2024 07:43

(Sharecast News) - Takeaway group Just Eat delivered adjusted profits ahead of its own forecasts for 2023 and predicted a 39% jump in earnings this year as gross transaction value (GTV) excluding North America returned to growth.

Adjusted EBITDA came in at €324m for the 12 months to 31 December, up from just €19m in 2022, and above the €320m guidance given last month.

Reported group GTV fell 6% for the year to €26.4bn, as a 14% drop in North America and a 17% tumble in the smallest region, Southern Europe and ANZ, offset 4% growth in Northern Europe and a 1% increase in the UK and Ireland.

However, excluding North America, total GTV would have risen by just under 1%.

Total revenues were 7% lower over the year at €5.17bn, as a 9% drop in orders was met with a 6% decline in active consumers to 84m.

Looking ahead, the company expects GTV excluding North America to grow by between 2% and 6% in 2024, with adjusted EBITDA coming in at around €450m.

"Overall, the business is in a strong position to capture further improvement to our topline performance, adjusted EBITDA and free cash flow in 2024," said chief executive Jitse Green.

Shares were up 3.1% at 1,323.5p in early deals on Wednesday.