Just Eat Northern Europe and UK return to growth in Q2
The UK and Ireland segment made up 27% of the total takeaway orders and 24% of the total GTV
Just Eat has reported a gross transaction value (GTV) increase in Northern Europe of 4% and of 1% in the UK and Ireland during Q2 2023.
Adjusted EBITDA amounted to €143m (£122m) in H1, reflecting a material improvement of €277m (£238m) compared with H1 2022.
In Northern Europe, the adjusted EBITDA margin as a percentage of GTV reached the group’s 5% long-term target in H1 2023. In the UK and Ireland segment, adjusted EBITDA improved significantly to €56m (£48m) in H1 2023 from minus €18m (£15m) in H1 2022, showing strong margin improvement with adjusted EBITDA margin reaching 1.8%.
UK and Ireland together made up 27% of the total Just Eat takeaway orders and 24% of the total GTV during the first six months of 2023.
However, the UK and Ireland experienced a 9% decline in orders in H1 2023 compared with H1 2022 which can be attributed to lapping the pandemic tailwinds in 2022. However in Q2 2023, the year-on-year decline improved significantly compared with Q1 2023.
At the end of H1 2023, Just Eat had over 5,000 grocery partners on the platform, a significant increase from the 1,000 grocery partners it had on the platform at the end of H1 2022.
Jitse Groen, CEO and founder of Just Eat, said: “Since our IPO, our objective has been to build and extend large scale and sustainably profitable positions in our markets. With the majority of our orders coming from Northern Europe and UK and Ireland, these two segments returning to growth in the second quarter of 2023 is a key milestone.
“Encouragingly, the UK and Ireland are on their way to a similarly high profit margin as Northern Europe. The remainder of the business is also showing improving GTV growth and profitability trends, leading to the company fast approaching its positive free cash flow target.”
