Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) shares were gobbled up on Wednesday as it made “significant progress towards profitability” in the first half and reappointed Jorg Gerbig as chief operating officer.
Althouh it reported a 7% decline in orders, this was compared to last year's pandemic-boosted period, and was offset by a higher average transaction value this year, resulting in revenue growing 7% to €2.8bn.
Northern Europe continued to be highly profitable and one of its strongest markets, generating significant profits, Just Eat said.
There was also growth in North America, UK and Ireland, with all regions reporting positive adjusted underlying earnings (EBITDA) for the second quarter.
In terms of outlook, long-term objectives remain unchanged as the company reaffirmed full-year guidance.
That includes gross transaction value (GTV) to grow by mid-single digit year on year as well as adjusted EBITDA margin in the range of minus 0.5% and minus 0.7% of GTV.
“After a period of exceptional growth, Just Eat Takeaway.com is now two times larger than it was pre-pandemic,” said chief executive Jitse Groen.
Groen has also reappointed Gerbig as chief operating officer after an external investigation ahead of its AGM in May.
Shares were boosted by today’s news, which rallied 6% to 1,659p.