Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) enjoyed strong surge in underlying earnings in its first half, facilitating a fresh share buyback programme and the backing of full-year guidance.
The delivery group reported a minor 3% growth in gross transaction value (GTV) excluding North America for the first half of 2024.
Yet, Just Eat achieved an adjusted EBITDA of €203 million, marking a 42% increase compared to the same period last year.
Free cash flow before changes in working capital reached €38 million during the first six months of the 2024 financial year.
Additionally, the company announced a new share buyback programme of up to €150 million.
"Driven by growth of our partner base, expansion of our Delivery coverage and significant technological advancements, GTV growth further improved in H1 2024,” said Jitse Groen, chief executive and founder of Just Eat.
“I am pleased that, at the same time, our adjusted EBITDA grew to €203 million in H1 2024, which is 42% higher than in the same period last year.
“We are well on track to achieve our guidance for the full year.”
The company said for the full year, it was aiming for GTV growth, excluding North America, in the range of 2% to 6% year-on-year, and an adjusted EBITDA of approximately €450 million.
Free cash flow (before changes in working capital) is expected to continue to be positive in 2024 and beyond.