Just Eat is expecting a rise in profits due to “strong momentum” in the UK and Ireland. However, shares in Just Eat fell on Wednesday morning, with experts suggesting this was due to no share buyback.

The food delivery giant reported fewer transactions over the past year. It revealed that gross transaction value (GTV) fell by six percent to £22.6 billion in 2023 as customers ordered less.

The company reported a nine percent drop in total orders, from 984 million to 891 million.

Despite this, Just Eat saw improved order levels in the UK and Ireland throughout the year. Total orders were still down six percent for the year, but revenues only fell one percent to £1.12 billion, thanks to higher food prices.

The company also reported that core earnings in the region rose to £115.4 million from £19.7 million after it introduced more efficient delivery processes. Overall, the company’s core adjusted earnings were “ahead of guidance” for the year. Shareholders were told to expect this to increase in 2024.

Jitse Groen, the boss of the company, happily shared: “Our enhanced profitability resulted in reaching the critical milestone of returning to positive free cash flow in the second half of 2023.”

He also said, “I am particularly pleased with the strong momentum in the UK and Ireland, with adjusted Ebitda (earnings before tax, interest, demortisation and amortisation) margin rapidly approaching a similarly high level as Northern Europe.”

And he added, “Overall, the business is in a strong position to capture further improvement to our topline performance, adjusted ebitda and free cash flow in 2024.”