Just Eat has announced the start of a share buyback programme of up to €150 million.

The delivery company said the move would improve future earnings per share and that the repurchased shares would be used to cover the company’s obligations under share-based compensation arrangements or be cancelled to reduce issued share capital.
The buyback programme is expected to complete by 30 September 2024.

In its recent third quarter trading update, Just Eat reported that it now expects to deliver profits of approximately €310 million in 2023, ahead of its previously approximation of €275 million for the year.

“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,” said Just Eat chief executive Jitse Groen. “Within the UK and Ireland, we continue to invest significantly whilst at the same time increasing profitability.”

Groen went on to add that while the recovery of North America is on a slower trajectory, it was satisfied that “this segment too is rapidly becoming cash flow neutral.”

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