Just Eat Takeaway: 1H Turnover Below Expectations Supports Forecasts – Science et Avenir

Toby Sterling

AMSTERDAM (Reuters) – Just Eat on Wednesday reported lower-than-expected earnings and losses for the first half of 2022, but stuck to its full-year growth and margin guidance.

Europe’s largest food delivery company reported an adjusted loss before interest, taxes, depreciation and amortization (Ebitda) of 134 million euros, compared with a loss of 189 million euros in the same period last year.

Revenue was 2.78 billion euros, compared to 2.6 billion euros in the first half of 2021, below analysts’ expectations of 2.8 billion euros, according to data from Refinitiv.

“Our path to profitability is accelerating and we expect to continue to improve our Adjusted EBITDA substantially in the second half of this year,” said CEO Jitse Groen.

Jefferies analyst Giles Thorne said investors could be confident in the outlook, depending on how the company manages to justify the results amid the economic downturn.

“We have reason to believe that the forecast for the full year is quite reliable,” he said, noting that the effects of the COVID-19 pandemic have eased, and the company and its competitors have taken steps to improve profitability.

However, “investment sentiment in this particular stock is very fragile,” Thorne said.

The company confirmed it was considering a “full or partial” sale of Grubhub – a US company it bought in 2021 for $7.3 billion – and on Wednesday took on a €3.5 billion business impairment allowance.

(Reporting by Toby Sterling; French version by Dina Kartit, edited)

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