Just Eat returns to profit

Just Eat has returned to profit after focusing on improving its operational efficiency.

Gross transaction value (GTV), which is the total value of orders, rose two per cent during the third quarter of the year. The company said the figures reflect higher menu costs and increased spending per order.

The number of orders fell by 11 per cent overall, with orders stronger in Northern Europe where they declined by three per cent. Southern Europe accounted for the biggest drop at 17 per cent.

In North America, its second-largest market, orders dropped by 13 per cent while GTV grew by six per cent. Just Eat said that it’s US business Grubhub was still in the early stages of its partnership with Amazon but that initial results are encouraging.

Commenting on the news Jitse Groen, chief executive of Just Eat, said: “After two years of significant investment following the merger and the pandemic, I am pleased that Just Eat has returned to profitability earlier than anticipated.”

He added: “Driven by a wide range of initiatives, we continue to improve our operational efficiency whilst simultaneously enhancing the user experience and consumer proposition. Although the consumer backdrop will likely be challenging due to the macro-economic environment, owns many leadership positions of significant scale, is well-capitalised through the sale of the iFood stake and is therefore well-positioned to capture profitable future growth.”

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