Just Eat Takeaway.com NV on Wednesday said it exited 2023 with its strongest quarter of the year for business, though both the year and the quarter fell short of 2022.

The food delivery ordering platform reported a decline in number of orders and gross transaction value, though it said this was in line with prior guidance. More positively, the Amsterdam-based company said adjusted earnings were ahead of guidance.

Gross transaction value was €6.75 billion in the final quarter of 2023, down 5.0% from €7.11 billion a year before, as the number of orders declined by 7.0% to 223.1 million from 239.8 million. At constant currency, GTV was down 3%.

For all of 2023, GTV was €26.45 billion, down 6.3% - or 4% at constant currency - from €28.22 billion a year before, as the number of orders fell by 9.4% to 891.5 million from 984.5 million.

The decline in GTV and orders all came outside Just Eat Takeaway’s core markets of Northern Europe and UK and Ireland. GTV was up 5% in both regions in the fourth quarter and up 4% and 1%, respectively in all of 2023.

In North America, home of the company’s GrubHub business, GTV was down 15% in the fourth quarter and 14% in 2023 as a whole, with these declines narrowing to 10% and 11%, respectively, at constant currency.

Just Eat on Wednesday said it continues to ‘actively explore the partial or full sale of Grubhub’.

In Southern Europe & ANZ, GTV was down 17% in both the fourth quarter and the full year, with these falls narrowing to 13% and 14%, respectively, at constant currency.

Just Eat Takeaway said it expects adjusted earnings before interest, tax, depreciation and amortisation for 2023 to be about €320 million, ahead of its earlier guidance and well above just €19 million in 2022.

‘We are excited that both our Northern European and UK and Ireland segments have achieved their all-time high quarterly GTV level, showing the strength of our European business,’ said Chief Executive Officer Jitse Groen. ‘At the same time, we have achieved a significant milestone with the company now becoming free cash flow positive.’

Just Eat said it was ‘approximately break-even’ on free cash flow in the second half of 2023, in line with its guidance.

The company said guidance for 2024 will be provided with its full 2023 results, due out on February 28.

Just Eat shares were up 1.8% to 1,163.00 pence in London early Wednesday.

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