Just Eat Takeaway: Turnover below expectations in the 1st half, maintains forecasts

Just Eat Takeaway: Turnover below expectations in the 1st half, maintains forecasts

by Toby Sterling

AMSTERDAM (Reuters) – Just Eat Takeaway.com on Wednesday reported below-expected revenue and a loss for the first half of 2022, but stuck to its full-year growth and margin guidance.

Europe’s largest meal delivery company reported an adjusted loss before interest, tax, depreciation and amortization (Ebitda) of 134 million euros, compared to a loss of 189 million euros in the same period. last year.

Revenue stood at 2.78 billion euros, compared to 2.6 billion euros in the first half of 2021, below analysts’ expectations who had forecast 2.8 billion euros, according to the data from Refinitiv.

“Our path to profitability is accelerating and we expect to continue to materially improve our Adjusted EBITDA in the second half of this year,” Chief Executive Jitse Groen said.

Jefferies analyst Giles Thorne said investors could be reassured by the forecast, depending on how the company manages to justify the results in the face of a declining economy.

“There is reason to believe that the guidance for the full year is quite robust,” he said, noting that the effects of the COVID-19 pandemic have faded and the company and its competitors have taken steps to improve profitability.

However, “the investment sentiment in this particular stock is very fragile,” Thorne said.

The company reaffirmed that it was considering the “total or partial” sale of Grubhub — a U.S. company it bought in 2021 for $7.3 billion — and took a $3.5 billion impairment provision on Wednesday. euros on the business.

(Report by Toby Sterling; French version Dina Kartit, edited by)

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