Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) has launched a €150 million share buyback programme on the back of better-than-anticipated trading over the third quarter.
Owing to a return to gross transaction value growth in northern Europe and its UK and Ireland segments, Just Eat said full-year adjusted pre-tax earnings would now likely hit €310 million.
This is up from expectations laid out in July that the figure would come in at €275 million.
Positive free cash flow should be recorded by the year-end meanwhile, rather than in mid-2024 as previously estimated, Just Eat added.
Chief executive Jitse Groen pointed to “particular strong momentum in northern Europe and the UK and Ireland” over the third quarter.
These saw gross transaction value climb by 6% and 4% to €1.87 million and €1.67 during the three months respectively.
“Although the recovery of North America is on a slower trajectory, we are satisfied that this segment too is rapidly becoming cash flow neutral,” Groen added.
Shares soared 7.7% to 1,119p on the news.