Just Eat Takeaway Q1 GTV meets expectations, UK and Europe drive growth

Just Eat Takeaway Q1 results: Just Eat Takeaway, Europe's leading food delivery company by revenue, delivered a first quarter that met analyst expectations for gross transaction value (GTV). This performance was fueled by growth in its key UK, Ireland, and Northern Europe markets, while facing headwinds in other regions.

Just Eat Takeaway reported a GTV of €6.55 billion ($6.95 billion) for the first three months of 2024, aligning with the €6.55 billion anticipated by analysts.

The company's core market of the UK and Ireland displayed impressive growth, with GTV rising by 11 per cent. This increase reflects the effectiveness of Just Eat Takeaway's investment strategy in the region, as highlighted by CEO Jitse Groen. Groen emphasized continued investment in the UK, contrasting their approach with cost-cutting tactics employed by competitors.

Another key region, Northern Europe, also witnessed positive GTV growth of 5 per cent.

The company encountered difficulties in North America, with GTV dropping by 11 per cent. This underlines the ongoing challenges associated with their struggling North American subsidiary, Grubhub.

Just Eat Takeaway also experienced a 15 per cent decline in GTV for Southern Europe and Australia, indicating hurdles in these markets as well. Just Eat Takeaway reiterated its exploration of offloading Grubhub, either partially or entirely.

The company solidified its previously announced exit from the New Zealand market.

(With Reuters inputs.)