After a net loss of 1.8 billion euros in 2023, Just Eat Takeaway is hoping to improve its financial results this year. The meal delivery company is still getting a headache from its American subsidiary Grubhub.
More profit than sales growth
Excluding Northern America, Just Eat Takeaway says it might have reported growth. It was a quiet year for the delivery platform, with figures improving through 2023. In Northern Europe (including the United Kingdom and Ireland), the platform posted record sales in the last quarter. A total of 26.4 billion euros worth of orders came in last year, down 4 % at constant currency.
Revenue per order (what Just Eat Takeaway itself retains from an order) rose 12 %, courtesy of improved processes and automation. Indeed, the meal delivery company tackled costs last year, translating into higher gross profit that climbed from 19 to 324 million euros in 2023. In 2024, the company is even anticipating an EBITDA of 450 million euros, up almost 40 %.
However, the net result was still a loss of 1.8 billion euros, mainly due to high write-downs on acquisitions in the United States and Canada. Grubhub has been causing headaches ever since the acquisition: the meal delivery company is struggling to compete with competitors Doordash and Uber Eats. Just Eat Takeaway has been trying to sell the company for about two years, partially if necessary, but so far without success.
