Katy Perry fronted Just Eat raise guidance for third time despite falling orders
Just Eat raise its earnings guidance for the third time this year despite a decline in food orders.
Orders fell by seven per cent to €223m (£191m) over the fourth quarter, the Netherland-founded firm said in an update this morning.
Analysts at Jefferies said this was -2.6 per cent behind their expectations but noted that its profitability progress “remains good”.
Just Eats said adjusted EBITDA for the full year is now expected to sit at €320m (£275m), up from €310m (£269m) reported in October.
Gross transaction value (GTV), grew four per cent in North Europe and five per cent in the UK and Ireland, the best quarter of the year in these markets.
The company was boosted by higher food prices and new partnerships with restaurants and shops.
Just Eat in the past forked out over £5m to feature rapper Snoop Dogg in its adverts, and since has had a host of celebrities including Katy Perry feature as the face of the brand.
Jitse Groen, chief of Just Eat Takeaway.com, 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.”