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Just Eat Takeaway swings to small FY 2022 core profit, sees better 2023



© Reuters. FILE PHOTO: A Just Eat delivery man rides his bicycle in Nice amid the coronavirus disease (COVID-19) outbreak in France, February 16, 2021. REUTERS/Eric Gaillard

AMSTERDAM (Reuters) – Just Eat, Europe’s largest meals delivery company, swung to a small 2022 core profit on Wednesday and said it was targeting 225 million euros of core profit this year.

“This guidance includes additional investments… as well as wage costs inflation and takes into account an uncertain macro-economic environment,” the company said, noting that most of the improvement would come towards the end of the year.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2022 stood at 19 million euros ($20.13 million), compared with a loss of 350 million euros in 2021.

The numbers were in line with a trading update the company issued on Jan. 18.

Revenue was 5.56 billion euros, up from 4.50 billion euros a year earlier, and net loss was 5.67 billion euros, up from a loss of 1.04 billion euros.

The company took a book loss on the value of its stake in Brazil’s iFood, which was sold for 1.5 billion euros, and acknowledged a non-cash 4.6 billion euros impairment on the value of its U.S. arm Grubhub, which was purchased for $7.3 billion in 2021.

Just Eat repeated that it was trying to sell Grubhub but had not yet agreed on any deal or timing.

The company ended the year with just over 2 billion euros in cash.

($1 = 0.9439 euros)

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