Just Eat reports 11% growth in 2024 first quarter

In a trading update, the takeaways delivery service said its UK and Ireland business accelerated gross transaction value (GTV) growth to 11% within the first three months of the year. 

Just Eat Takeaway's reported 11% growth reflects its operations within the first quarter of 2024. This comes after they had initially predicted a 40% jump in core profits for 2024.

Furthermore, it reported continued momentum in GTV growth in Northern Europe. The businesses adjusted Ebitda is approximately €450m and positive free cash flow before changes in working capital in 2024 and thereafter.

Speaking on the success

Jitse Groen, chief executive of Just Eat Takeaway, said: “Just Eat Takeaway started the year well, with the acceleration of GTV growth in UK and Ireland, and our continued momentum in Northern Europe in Q1 2024. We are excited that the investments in our business are paying off, and we are looking forward to the rest of the year.”

The company said under the share buyback programmes announced in April and October 2023, 8.9% of the issued shares were repurchased as per 12 April 2024. It has also decided to discontinue all operations in New Zealand in the coming weeks, with the financial impact “immaterial”.

The company also continues to actively explore the partial or full sale of its Grubhub business. It added: “There can be no certainty that any such strategic actions will be agreed or what the timing of such agreements will be. Further announcements will be made as and when appropriate.”

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