Just Eat Takeaway saw its gross revenue from all orders drop by 8 %this quarter. Nevertheless, the meal delivery company is seeing recovery in Europe and expects to post higher-than-expected profits this year.
2022 still a pandemic year?
Fewer orange bikes and scooters whizzed around in the first quarter: Just Eat Takeaway delivered 14 % fewer orders and its gross transaction value (the value of all orders) fell by 8 % to 6.67 billion euros. CEO Jitse Groen tried to nuance the picture: the first quarter of 2022 was still marked by Covid-19 restrictions and was therefore an exceptionally strong period. That complicates the comparison. He also pointed out to improvements in Northern Europe, the United Kingdom and Ireland.
Just Eat Takeaway continues to focus on profitability, following the high losses of the past. Those efforts are ahead of plan, allowing the CEO to raise the target for adjusted EBITDA in 2023 from 225 to 275 million euros. The meal delivery company is also buying back 150 million euros of its own shares.