Just Eat UK EBITDA jumps to €135m in FY23
The food delivery company attributed the full-year results to enhanced delivery efficiency and simplification of its delivery operation
Just Eat has revealed UK and Ireland EBITDA increased to €135m (£115m) in 2023, up from €23m (£19m) in 2022, resulting in a GTV of €6.6bn (£5.6bn).
The food delivery company attributed the full-year results to enhanced delivery efficiency and simplification of its delivery operation. With the adjusted EBITDA margin increasing further to 2.0% of GTV in 2023, up from 0.4% of GTV in 2022, UK and Ireland are rapidly approaching a similarly high adjusted EBITDA margin as Northern Europe.
In the Northern Europe segment, GTV increased gradually throughout 2023 which resulted in an increase of 3% to €7.7bn (£6.5bn) and EBITDA reached €366m (£312m). North America also increased its adjusted EBITDA to €126m (£107m) in 2023 from €65m (£55m) in 2022.
Overall, adjusted EBITDA improved significantly to €324m (£276m) in 2023 from €19m (£16m) in 2022. As a result of the increased adjusted EBITDA, the group became free cash flow positive in H2 2023.
For 2024, the group predicts a constant currency GTV growth excluding North America in the range of 2% to 6% year-on-year and an adjusted EBITDA of approximately €450m (£384m).
Jitse Groen, CEO of Just Eat Takeaway.com, said: “In 2023, we significantly improved our financial performance in all our segments and generated adjusted EBITDA of €324m (£276m) compared with €19m (£16m) in 2022. Our enhanced profitability resulted in reaching the critical milestone of returning to positive free cash flow in the second half of 2023.
“I am particularly pleased with the strong momentum in the UK and Ireland, with adjusted EBITDA margin rapidly approaching a similarly high level as Northern Europe. Overall, the business is in a strong position to capture further improvement to our topline performance, adjusted EBITDA and free cash flow in 2024.”
