(Alliance News) - Just Eat Takeaway.com NV on Wednesday lifted its second-half bottom-line guidance, after a profitable third-quarter, which came despite order numbers falling.
The online food delivery firm said it was adjusted earnings before interest, tax, depreciation and amortisation positive in the third quarter of 2022. It was an outcome that was "materially ahead" of prior guidance.
In the first half of the 2022 financial year, Just Eat Takeaway had reported an adjusted Ebitda loss of EUR134.0 million.
Total orders in the third quarter fell 11% to 235.3 million from 265.8 million a year earlier. The total gross transaction value improved 2%, however.
The GTV refers to the total value of orders placed on Just Eat Takeaway's platforms. The figure includes tax, tips and any consumer fees.
Just Eat Takeaway noted a market contraction in the southern Europe & Australia & New Zealand segment, due to lapping a period with significant Covid-19 restrictions in Australia in 2021.
During restrictions, many consumers ordered food in, due to restaurants being shuttered.
In North America, the company said its Grubhub partnership with Amazon.com Inc is showing encouraging early results.
Looking ahead, Just Eat Takeaway has updated its guidance for the full year.
It now expects a positive adjusted Ebitda in the second half of 2022. It had previously expected an adjusted Ebitda margin in the range of minus 0.5% to minus 0.7% of GTV for the second half.
However, the GTV outlook was downwardly revised. It now expects low-single digit growth year-on-year, instead of mid-single digits.
Just Eat Takeaway said it was due to complete the sale of its 33% stake in iFood Ltd shortly after an extraordinary general meeting on November 18.
Just Eat Takeaway.com in August announced a deal to sell its stake in the iFood joint venture to technology investor Prosus NV, for up to EUR1.8 billion. It will make Prosus the sole owner of iFood.
Just Eat Takeaway shares were trading 0.2% higher at 1,333.80 pence each in London on Wednesday morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
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Just Eat Takeaw (JET)