Just Eat Takeaway.com NV on Wednesday said it is exploring a partial or full sale of its Grubhub US food delivery unit.

The takeaway delivery company said it and its advisers are exploring options for Grubhub. This could include introducing a ‘strategic partner’ in order to sell a stake, or even all of its holding in Grubhub, which it agreed to purchase back in June 2020 for $7.3 billion.

‘There can be no certainty that any such strategic actions will be agreed or what the timing of such agreements will be. Further announcements will be made as and when appropriate,’ Just Eat Takeaway.com added.

Also on Wednesday, the company said its fortunes at the start of 2022 stacked up well against the Covid-19 boosted first quarter of 2021, though it slightly tweaked annual guidance.

The company added that it expects profit to ‘gradually’ improve as the year drags on. The takeaway delivery company targets profit at an earnings before interest, tax, depreciation and amortisation level in 2023.

The company said it maintained ‘the high level of orders that were processed during the Covid-19 restrictions in the first quarter of last year’.

Total orders for the first quarter of 2022 were 264.1 million, down 1.1% year-on-year from 267.1 million.

However, gross transaction value increased 3.9% annually to €7.24 billion from €6.96 billion.

The average transaction value was higher this time, Just Eat Takeaway.com said.

‘During the pandemic, the company benefited from a rapidly increasing consumer base in a short period of time, adding more than 20 million active consumers since April 2020. As a result, the company temporarily experiences a corresponding higher-than-normal absolute churn level in the first half of 2022, despite a lower relative churn level of this new consumer group versus pre-pandemic cohorts,’ the company said.

‘While growth in the second quarter of 2022 will remain challenging, key growth drivers, such as average monthly order frequency and returning consumers are expected to remain above pre-pandemic and even above pandemic levels.’

Order numbers increased 4% year-on-year in northern Europe, were flat in the UK & Ireland region, and fell 5% in North America. In the southern Europe & ANZ region, which includes markets such as Spain, Australia and New Zealand, orders were down 4%.

Going forward, Just Eat Takeaway.com said ‘enhancing profitability as one of its highest priorities in 2022’.

It eyes lifting revenue per order, improving courier costs per order, and cutting overheads.

‘Consequentially, management expects to reach positive adjusted Ebitda for the full year 2023,’ the company said.

For 2022, it lowered gross transaction value guidance. It expects gross transaction value to rise by mid-single digits. It had previously targeted growth in the ‘mid-teens’.

The adjusted Ebitda margin is now expected to sit in the range of minus 0.5% to minus 0.7%. This is a slight improvement from previous guidance of minus 0.6% and minus 0.8%.

In 2021, the adjusted Ebitda margin was minus 1.2%.

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