Just Eat Takeaway has issued a trading update for the third quarter of 2023, with gross transaction value (GTV) returning to growth across the UK and Ireland.
GTV growth in Northern Europe and UK and Ireland increased to +6% and +4% respectively, while growth in North America slowed.
Total orders across the business fell by 7% in the quarter, with UK and Ireland orders dropping -3%.
Jitse Groen, CEO of Just Eat Takeaway.com said, ”Within the UK and Ireland we continue to invest significantly whilst at the same time increasing profitability.
Just Eat upgraded 2023 Adjusted EBITDA guidance to approximately €310 million (£254.1 million) and revised GTV guidance to constant currency growth of approximately -4% in 2023.
It also announced the launch of a new share buyback programme of up to €150 million (£122.9 million).
According to the update, the long-term objectives for Just Eat Takeaway.com remain unchanged, and it continues to actively explore the partial or full sale of Grubhub.
Groen added, “The majority of our business has returned to GTV growth in the third quarter with particular strong momentum in Northern Europe and the UK and Ireland segments.
”Although the recovery of North America is on a slower trajectory, we are satisfied that this segment too is rapidly becoming cash flow neutral.
”As a result, we are in a position to upgrade both our Adjusted EBITDA and cash flow guidance and now expect to be approximately cash flow break-even in the second half of 2023 and positive thereafter.”
According to The Times, Just Eat is set to launch a talking “AI assistant” in its UK app, a move that it hopes will net more orders from younger customers.
Jessica Hall, chief product officer at Just Eat Takeaway, said the feature would speed up the ordering process and directly order a favourite meal or groceries when instructed, respond to queries about dishes and offer personalised recommendations based on users’ previous orders and reviews.
