Just Eat reports strong first half performance

Just Eat plc, a leading global marketplace for online food delivery, has posted results for the six months ended 30 June 2018 (H1), showing revenue was up 45% to £358.4m (2017: £246.6m).

Orders were up by 30% to 104.4m (2017: 80.4m), and EBITDA rose by 12% to £82.7m (H1 2017: £73.6m). Orders via the Just Eat app accounted for 54% of total orders (H1 2017: 46%).

Profit before tax fell by 3% to £48.1m (H1 2017: £49.5m) given costs associated with the acquisition of Hungryhouse.

Cash generated by operations increased by 13% to £77.2m (H1 2017: £68.1m).

UK revenue up 30%, with 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.

CEO Peter Plumb 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.'

The Board is confident in the current performance and strategy of the group and is raising investment for long term growth from £50m to £55 - £60m.

Therefore, revenue guidance is raised for 2018 to between £740 – £770m, up from £660 – £700m. Underlying EBITDA guidance for the Full Year remains unchanged between £165 – £185m.