Despite stagnating sales, Just Eat Takeaway managed to end 2022 with a profit. However, the number of orders fell by almost 10 %.
Past its peak
The pandemic continued to affect the year-on-year comparison, Just Eat Takeaway said when announcing its annual figures. The meal delivery company was unable to continue its strong growth during the pandemic: orders fell by 9 % over the full year 2022 and even 12 % in the fourth quarter. This is partly due to the fact that at the end of 2021, restaurants had to close in many places, benefiting meal delivery companies.
Fortunately, larger (and more expensive) orders as well as positive exchange rate effects compensated for the lower volume. As a result, gross sales of the dining platform remained at 28.2 billion euros, the same level as the previous year.
The company is now focusing on profitability, partly under pressure from shareholders. In the second half of 2022, Just Eat Takeaway recorded a gross profit of 150 million euros: “A substantial improvement” compared to the 134 million euro loss of the first half of the year. For the full year, adjusted gross profit (EBITDA) has improved from a loss of 350 million euros in 2021 to a profit of 16 million in 2022.
For 2023, Just Eat Takeaway is now forecasting a profit of 225 million euros. This forecast already takes into account the “uncertain macroeconomic environment”, wage cost inflation and additional investments in food and non-food. However, growth will only occur in the second half of the year, the company expects. Meanwhile, the meal delivery company continues to seek a solution for Grubhub, the US subsidiary for which a buyer is being sought.