Just Eat Takeaway, Europe’s largest food delivery company by revenue, reported a 40% increase in first-half core profit, driven by strong performance in European markets. The company posted half-year adjusted earnings (EBITDA) of €203 million ($220 million), surpassing analyst expectations. Shares rose over 10% in early trading.
In Northern Europe, gross transaction value (GTV) increased by 5% and grew by 6% in Britain and Ireland. Adjusted EBITDA in Britain and Ireland surged by 64% following a shift to an in-house delivery platform, while North America saw a 57% increase despite a fee cap in New York City.
CEO Jitse Groen highlighted technological advancements and cost reduction efforts. The company announced a share buyback program of up to €150 million. It also reiterated plans to sell its Grubhub unit in the United States.