By Scott Kanowsky
Investing.com -- Just Eat Takeaway (AS:TKWY) swung to an operating profit in 2022 and projected further growth in the figure this year, despite a slide in orders caused by inflation-hit customers paring back spending on takeaways.
Adjusted earnings before interest, taxes, depreciation and amortization at the food delivery service came in at €19 million (€1=$1.0607), rebounding from a loss of €350M in 2021 and meeting a previous guidance issued in January.
Annual gross transaction value - a measure of the total value of purchases made on the platform - was €28.2B, unchanged compared to the prior year. Higher average transaction values and positive foreign exchange movements helped offset a 9% fall in total orders.
"We expect a further improvement to adjusted [earnings before interest, taxes, depreciation and amortization] in 2023 and our ambition to create a highly profitable food delivery business is firmly on track," said Chief Executive Officer Jitse Groen in a statement.
The Amsterdam-based company backed its target for core income of approximately €225M in 2023, although growth is expected to be skewed towards the end of the year due to lower order volumes in the second half of 2022.
On a net basis, Just Eat fell to a worse-than-expected loss of €5.7B stemming from a series of impairment charges related to its acquisition of U.S. peer Grubhub (NYSE:GRUB) and the sale of its stake in Brazil's iFood.
Shares in the group fell in early European trading on Wednesday.