Just Eat lifts full-year core profit outlook

(Sharecast News) - Just Eat said on Wednesday that 2023 core profit was set to be ahead of guidance, following a strong fourth-quarter performance in Northern Europe and the UK and Ireland. Adjusted earnings before interest, taxes, depreciation and amortisation are expected to be around €320m, ahead of previous guidance for approximately €310m.

Just Eat said that Northern Europe and the UK and Ireland exited 2023 at highest ever quarterly gross transaction value (GTV) level.

Group GTV in the year was in line with guidance, with Q4 the best quarter, it said.

Chief executive Jitse Groen said: "We are excited that both our Northern European and UK and Ireland segments have achieved their all-time high quarterly GTV level, showing the strength of our European business.

"At the same time, we have achieved a significant milestone with the company now becoming free cash flow positive. We are very much looking forward to 2024."