Just Eat plc (LON:JE.), a leading global marketplace for online food delivery, today updated the market on its performance over the three months to 31 March 2018 (“First Quarter” or “Q1”).
Highlights:
· Reported revenues were up 49% to £177.4 million in the First Quarter (Q1 2017: £118.9 million), driven by strong order growth and a greater proportion of higher value delivery orders in the mix.
· On a currency neutral basis, revenues grew by 51%.
· UK orders increased by 24% to 29.7 million (Q1 2017: 24.0 million), benefiting from 1.4 million orders from Hungryhouse, following the completion of the acquisition on 31 January, as well as the inclusion of part of the Easter holiday weekend, which added an estimated 1 percentage point to UK order growth.
· International orders were up 46% to 21.9 million (Q1 2017: 15.0 million), driven by continued triple digit order growth in Canada and strong performances in Italy and Spain, partly offset by softness in Australia.
· We continue to progress delivery-based initiatives in key markets, driven by the strong performance of SkipTheDishes in Canada.
· In Australia, we completed the Menulog replatforming and, in April, launched delivery services leveraging SkipTheDishes’ expertise.
· We reiterate guidance given at the time of the 2017 full year results in March of Group revenue of between £660 – 700 million and uEBITDA of £165 – 185 million in 2018.
Peter Plumb, Just Eat plc CEO commented: “Just Eat has had a strong start to the year. We delivered our 400 millionth order in the UK, grew well in Italy and Spain, whilst powering continued momentum in our Canadian delivery service SkipTheDishes. I’d like to welcome all our important new Restaurant Partners to the Just Eat family, including those from our successful recent acquisition of Hungryhouse.”
