Just Eat H1 core profit rises, €150m share buyback launched

(Sharecast News) - Just Eat backed its guidance for 2024 on Wednesday as it posted a more than 40% increase in first-half core profit and announced a new €150m share buyback programme.

Adjusted earnings before interest, tax, depreciation and amortisation rose 42% from the first half of 2023 to €203m.

Gross transaction value grew 3% at constant currency excluding North America, in line with the 2024 guided range. Meanwhile, total revenue dipped to €2.57bn from €2.59bn, dented by a weaker performance in America and Southern Europe.

Chief executive and founder Jitse Groen said: "Driven by growth of our partner base, expansion of our delivery coverage and significant technological advancements, GTV growth further improved in H1 2024.

"We are well on track to achieve our guidance for the full year."

The company also said on Wednesday that positive free cash flow and a strong balance sheet have allowed it to launch a new share buyback programme of up to €150m that will begin immediately and complete no later than 31 March 2025.