Dutch online food ordering and delivery company Just Eat Takeaway.com has posted an adjusted EBITDA of €143m ($159m) for the first half of 2023 versus a loss of €134m ($149m) a year ago.
The company swung to profit despite a 7% decline in total gross transaction value (GTV) to €13.22bn from €14.18bn last year.
Total Orders during the period fell 12% to 450 million as against 509 million in the year-ago period.
The company’s GTV in the North America market declined by 12% to €5.1bn in the first six months of 2023, mainly due to lower order volumes. However, adjusted EBITDA totalled €51m versus a loss of €4m last year.
The food delivery company’s GTV in the Northern Europe segment rose by 2% to €3.8bn compared with the first half of 2022.
The company registered sequential improvement year-on-year in key markets such as Germany and the Netherlands. Adjusted EBITDA rose to €191m from €124m in the year-ago half.
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The company’s GTV in the UK and Ireland segment improved by 1% in the period under review versus the year-ago half. Adjusted EBITDA rose to €56m from €18m loss last year.
The company revealed that in the Southern Europe and ANZ segment, its adjusted EBITDA losses halved to €55m from €110m a year ago due to improved unit economics.
Commenting on the performance, Just Eat Takeaway.com founder and CEO Jitse Groen said: “Since our IPO, our objective has been to build and extend large scale and sustainably profitable positions in our markets.
“With the majority of our Orders coming from Northern Europe and UK and Ireland, these two segments returning to growth in the second quarter of 2023 is a key milestone.
“Encouragingly, UK and Ireland is on its way to a similarly high-profit margin as Northern Europe. The remainder of the business is also showing improving GTV growth and profitability trends, leading to the company fast approaching its positive free cash flow target.”
Concurrently, the company also announced that its CFO Brett Wissink will step down in May 2024. He has been in the role since 2011.
“The Supervisory Board will initiate the process of finding a successor for Mr. Brent Wissink,” the Dutch firm said in its statement.