📈 Share Buyback Programme
Just Eat Takeaway announced a €150M share buyback starting on 31 July 2024 and ending by 31 March 2025. This repurchase will not exceed 10% of the issued shares. The company plans to cancel the repurchased shares or use them for share-based compensation. The closing share price on 30 July 2024 was €10.87, with the maximum number of shares to be repurchased being approximately 6.3% of the issued share capital.
💼 H1 2024 Financial Report
For H1 2024, Just Eat Takeaway's Gross Transaction Value (GTV) grew by 3% in constant currency, excluding North America. Revenue reached €2,570M, slightly down from €2,588M in H1 2023. However, revenue less adjusted order fulfillment costs per order improved by 7%. Adjusted EBITDA increased by 42% to €203M, driven by reduced fulfillment and central costs. The net loss was €301M, compared to €258M in H1 2023, due to non-cash impairment losses and amortisation of intangibles.
📊 Regional Performance
In Northern Europe, GTV rose by 5% to €4B in H1 2024 from €3.8B in H1 2023, with adjusted EBITDA slightly down to €186M from €191M. The UK and Ireland saw a 6% GTV growth and a 64% improvement in adjusted EBITDA to €92M. Southern Europe and ANZ showed improved losses in adjusted EBITDA, decreasing to minus €49M from minus €55M. North America's adjusted EBITDA increased by 57% to €80M, showing strong progress towards cash flow breakeven.
💰 Cash and Liquidity
As of 30 June 2024, Just Eat Takeaway had €1,347M in cash and cash equivalents, down from €1,724M on 31 December 2023. The decrease is due to repaying €250M for convertible bonds that matured on 25 January 2024 and €108M cash outflows for the share buyback programme. "Driven by the growth of our partner base, expansion of our Delivery coverage, and significant technological advancements, GTV growth further improved in H1 2024," said CEO Jitse Groen.
Will Just Eat Takeaway's share buyback boost investor confidence?
