Just Eat has increased its annual profit forecast as UK sales have returned to growth.
The rapid food delivery firm reported a 4% lift in UK and Ireland sales by gross transaction value (GTV) up 5% on a constant currency basis in the three months to the end of September 2023, The Independent reported.
Although, order units fell 3% in the UK and Ireland as a result of consumers purchasing less takeaways since the high demand during the Covid-19 pandemic.
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However, the group is now predicting underlying earnings of around £269m in 2023, up from its previous expectations of £239m.
Just Eat Takeaway.com CEO, Jitse Groen, said: The majority of our business has returned to GTV growth in the third quarter with particular strong momentum in Northern Europe and the UK and Ireland segments.
Within the UK and Ireland we continue to invest significantly whilst at the same time increasing profitability. As a result, we are in a position to upgrade both our adjusted EBITDA and cash flow guidance and now expect to be approximately cash flow break-even in the second half of 2023 and positive thereafter.
This comes as Just Eat is innovating its UK app, which is set to launch a talking ‘AI assistant’ in a bid to speed up the ordering process and engage with younger shoppers.
