By Ian Walker
Just Eat Takeaway.com reported a narrowed net loss for last year despite booking a large impairment in its accounts.
The Amsterdam-based food-delivery group said Wednesday that its net loss for the year ended Dec. 31 was 1.85 billion euros ($2.01 billion) compared with a loss of EUR5.67 billion a year earlier.
It booked an impairment charge of EUR1.54 billion mainly related to goodwill and other intangible assets from past equity funded acquisitions, and amortization of consumer lists, technology platforms and development costs.
Adjusted earnings before interest, taxes, depreciation and amortization–a company preferred metric that strips out exceptional and other one-off items–was EUR324 million compared with EUR19 million and guidance of EUR320 million given in January.
For the year ahead, the company expects an adjusted Ebitda of EUR450 million and for constant currency gross transaction value growth, excluding North America, in the range of 2% to 6%. GTV in 2023 fell 4% to EUR26.4 million, of which EUR10.0 million was generated in North America..
Revenue in 2023 fell to EUR5.17 billion from EUR5.56 billion and compared with a FactSet consensus of EUR5.22 billion. Within this, revenue in North America–which generated around 41% of group revenue–fell 13% to EUR2.14 billion, while in U.K. and Ireland it rose 1% to EUR1.31 billion and was up 10% at EUR1.28 billion in Northern Europe.
“Overall, the business is in a strong position to capture further improvement to our topline performance, adjusted Ebitda and free cash flow in 2024,” Chief Executive Jitse Groen said.
Write to Ian Walker at ian.walker@wsj.com
Corrections & Amplifications
This article was corrected at 0648 GMT to reflect GTV in 2023 fell 4% to EUR26.4 billion, of which EUR10.0 billion was generated in North America. The original version incorrectly said that the GTV numbers were in millions in the fifth paragraph. Dow Jones Newswires
February 28, 2024 01:24 ET (06:24 GMT)
GTV in 2023 fell 4% to EUR26.4 billion, of which EUR10.0 billion was generated in North America. “Just Eat Takeaway.com Net Loss Narrows,” at 0624 GMT, incorrectly said that the GTV numbers were in millions.
