Just Eat Takeaway has reported a positive adjusted EBITDA of €19m for FY22, compared to a negative £350m in 2021, with some if its largest gains seen in its UK and Ireland segment.

Revenue for the UK and Ireland was up 6% to €1.3bn.

Gross Transaction Value (GTV) for the segment remained stable at €6.6bn, with adjusted EBITDA “improving significantly” from -€107m in 2021, to +€23m in 2022, “with a notable step-up in H2 2022.

The adjusted EBITDA margin turned positive again in H2 2022 at 1.2% of GTV.

Just Eat said the UK and Ireland segment continued to perform strongly, processing 260m orders in 2022, representing 26% of total orders and 23% of total GTV in 2022.

The delivery business said that all of its operating segments had materially contributed to the improvement in EBITDA, with the company returning to profitability after a period of significant investment following the Just Eat merger and the pandemic.

Overall revenue increased to €5.6 billion in 2022, representing a growth rate of 4% compared with 2021.

GTV in 2022 was €28.2bn, which was stable compared with the prior year, driven by a higher Average Transaction Value.

Jitse Groen, CEO of Just Eat Takeaway.com, said: “In 2022, our priority was to enhance profitability and strengthen our business. As a result, we materially improved our financial performance and generated adjusted EBITDA of €19 million in 2022 compared with minus €350 million in 2021.

“We expect a further improvement to adjusted EBITDA in 2023 and our ambition to create a highly profitable food delivery business is firmly on track.”

Just Eat’s management’s guidance for 2023, is for 2023 adjusted EBITDA of approximately €225m.