Reuters: Amsterdam The biggest meal delivery service in Europe, Just Eat Takeaway.com, reported a small core profit for 2022 on Wednesday and said it was aiming for 225 million euros in core profit this year.
The business noted that the majority of the improvement would occur towards the end of the year and added that “this guidance includes additional investments… as well as wage cost inflation and takes into consideration an uncertain macro-economic environment.”
Compared to a loss of 350 million euros in 2021, adjusted profits before interest, taxes, depreciation, and amortisation (EBITDA) in 2022 were 19 million euros ($20.13 million).
The figures were consistent with a trading report the business released on January 18.
In a note, Jefferies noted that the company’s profitability, which totaled 313 million euros as of Wednesday’s report, was primarily generated in Northern Europe. Earnings in North America, where it runs Skip the Dishes and Grubhub, were 65 million euros. Losses were reported by southern nations.
Revenue increased from 4.50 billion to 5.56 billion euros, while the net deficit increased from 1.04 billion to 5.67 billion euros.
While up 4.8% for the year, Just Eat Takeaway shares closed Monday at 20.58 euros, a significant discount to the 100 euros they hit in late 2020 during COVID-19 pandemic lockdowns.
Just Eat reiterated that while it is attempting to sell Grubhub, no agreement has yet been reached.
With a little more than 2 billion euros in cash at year’s end, the business
($1 equals 0.9439 euros).