Earlier than expected, meal delivery company Just Eat Takeaway has become profitable. Despite difficult circumstances, the company is well positioned for the future, says top executive Jitse Groen.
Focus on efficiency
“After two years of significant investment following the merger and the pandemic, I am pleased that Just Eat Takeaway.com has returned to profitability earlier than anticipated,” CEO Jitse Groen said in a quarterly update. Adjusted operating profit was positive for the first time in the third quarter. Gross transaction value rose 2% to 6.9 billion euros, despite an 11% drop in orders to 235 million.
The black figures are the result of a focus on efficiency: the company said it achieved “material improvements” in revenue per order, delivery costs per order and operating costs. In Germany, Just Eat Takeaway experienced the strongest growth; in the US, Grubhub’s partnership with Amazon is showing encouraging initial results.
“Although the consumer backdrop will likely be challenging due to the macro-economic environment, Just Eat Takeaway.com is well-positioned to capture profitable future growth,” said Groen. Just Eat Takeaway’s good results are in stark contrast to the continuing loss figures at competitor Deliveroo, which is throwing in the towel in the Netherlands next month.
