Just Eat says path to profitability is accelerating
Meal delivery company Just Eat has said it made significant progress towards profitability in the first half of its financial year.
In the first six months of 2022, adjusted EBITDA came in at minus €134 million compared to a loss of £189 million in the prior year.
While the company’s northern Europe region remained highly profitable, North America and the UK and Ireland were adjusted EBITDA positive in its second quarter.
Meanwhile revenue grew by 7% to €2.8 billion despite a 7% decline in orders.
Jitse Groen, chief executive of Just Eat Takeaway.com, said: “After a period of exceptional growth, Just Eat Takeaway.com is now two times larger than it was pre-pandemic. Whilst this growth required significant investment, we have continued to focus on executing our strategy to build and operate highly profitable food delivery businesses.
“Our path to profitability is accelerating and we expect to continue to materially improve our adjusted EBITDA in the second half of this year and to be adjusted EBITDA positive at a group level in 2023.”