(Alliance News) - Just Eat Takeaway.com NV said on Tuesday it expects to be profitable earlier than initially expected in the second half of 2022.
Shares in Just Eat were up 5.7% at 1,360.77 on Tuesday afternoon in London.
The online food delivery firm said it expects to generate positive adjusted earnings before interest, taxation, depreciation, and amortization in the six months ending December 31.
In the first half of the year, it delivered an adjusted Ebitda loss of EUR134 million.
Just Eat explained it has been working on improvements to revenue per order, delivery costs per order, and overheads and operating expenses. As a result of these efforts, expects to turn a profit "earlier than initially expected".
However, due to uncertainty around macroeconomic conditions and foreign exchange volatility, it updated its guidance on gross transaction value to grow by a low-single digit year-on-year in 2022. Previously, the firm had expected mid-single digit growth.
In addition, Just Eat said it expects to maintain this positive adjusted Ebitda in 2023. It said the long-term objectives of the firm remain unchanged.
Just Eat will publish a third-quarter trading update on October 19.
By Heather Rydings; heatherrydings@alliancenews.com
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Just Eat Takeaw (JET)