Just Eat plc (LON: JE.), a leading global marketplace for online food delivery, today reported its results for the six months ended 30 June 2018.
Financial highlights
· Orders up 30% to 104.4 million (H1 2017: 80.4 million)
· Revenue up 45% to £358.4 million (H1 2017: £246.6 million), up 46% on a constant currency basis
· uEBITDA[1] up 12% to £82.7 million (H1 2017: £73.6 million)
· Profit before tax down 3% to £48.1 million (H1 2017: £49.5 million) given costs associated with the acquisition of Hungryhouse
· Basic earnings per share (“EPS”) remains unchanged at 5.5p (H1 2017: 5.5p)
· Adjusted basic EPS[2] up 10% to 8.6p (H1 2017: 7.8p)
· Cash generated by operations up 13% to £77.2 million (H1 2017: £68.1 million)
Operational highlights
· UK revenue up 30%; Hungryhouse successfully migrated
· Canada revenue up 212%, or 227% at constant currency; driven by a strong performance from SkipTheDishes, Just Eat Canada merged with Skip
· Australia revenue down 8%, or down 2% at constant currency. Australia business transition to hybrid delivery underway
· International revenue up 36%, or 35% at constant currency driven by strong order growth in Italy, Spain and Mexico
· Orders via app: accounted for 54% of total orders (H1 2017: 46%)
Just Eat, Peter Plumb, Chief Executive Officer, commented:
“The Just Eat Group served 24 million customers with 104 million takeaways through the Group’s platforms around the world. Our increased investments in technology, brand and delivery are on track to make our service even easier to use, whilst expanding our customer’s choice. I’m pleased with the strong start to the year and excited by our opportunity to help many more people enjoy more of their takeaway moments through our platforms.”
Outlook
The Board is confident in the current performance and strategy of the Group and is raising investment for long term growth from £50 million to £55 – £60 million. Therefore, revenue guidance is raised for 2018 to between £740 – £770 million, up from £660 – £700 million. Underlying EBITDA guidance for the Full Year remains unchanged between £165 – £185 million.
