Shares in Just Eat Takeaway.com NV jumped on Wednesday after the firm announced a new share buyback despite losses mounting in the first half of the year.

Shares in Just Eat leapt 9.0% to 995.95 pence in London on Wednesday morning.

The Amsterdam-based food delivery firm said revenue in the six moths that ended June 30 slipped 0.7% to €2.57 billion from €2.59 billion a year earlier. Its pretax loss stretched to €363 million from €317 million.

However, adjusted earnings before interest, tax, depreciation and amortisation surged 42% to €203 million from €143 million a year prior. This was assisted by reduced order fulfilment and central costs.

Orders declined 4.9% to 446 million from 469 million and gross transaction value decreased1.5% to €13.2 million from €13.4 million.

Excluding North America, GTV grew 3% in constant currency, in-line with the 2024 guided range, Just Eat highlighted.

In Northern Europe, GTV increased by 5% in constant currency to €4.0 billion in the first half, compared with €3.8 billion a year prior.

Just Eat reiterated guidance for 2024. It expects constant currency GTV growth excluding North America in the range of 2% to 6% year-on-year. Adjusted Ebitda of around €450 million is predicted, with free cash flow to continue to be positive in 2024 and thereafter.

Just Eat reiterated a long-term target of group adjusted Ebitda margin in excess of 5% of GTV.

For the full-year, Just East still expects to achieve an adjusted Ebitda of €450 million. This would be up dramatically from €324 million in 2023 and even more so from €19 million in 2022.

Just Eat also announced a €150 million share buyback which it expects to conclude at the end of March.

Just Eat founder and chief executive, Jitse Groen, said rising sales by GTV were ‘driven by growth of our partner base, expansion of our delivery coverage and significant technological advancements’.

‘We are well on track to achieve our guidance for the full year,’ he added.

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