Just Eat, a leading global marketplace for online food delivery, has reported its results for the six months ended 30 June 2017 (H1), with revenues up 44% to £246.6m and Underlying EBITDA up 38% to £73.6 m.
The company saw orders rise by 24% to 80.4 million (H1 2016: 64.9 million), and like-for-like orders were up by 25%. During the period, profit before tax up 46% to £49.5m (H1 2016: £33.8m)
Processed orders were worth £1.5bn for Just Eat's Restaurant Partners, a rise of 36% (H1 2016: £1.1bn).
Active Users were up by 19% to 19.0 million (as at H1 2016: 15.9 million), and orders via mobile devices accounted for 75% of total orders (H1 2016: 70%)
Andrew Griffith, Interim Chairman, commented, “This has been another excellent period of progress with revenues, profits and earnings all showing strong growth and once again demonstrating the strength of our business model.
'I would particularly like to commend the Interim Chief Executive Officer, Paul Harrison, and the entire team at Just Eat for their hard work and focus at a time of significant change in senior leadership.
'Today’s results, the recent appointment of Peter Plumb as Chief Executive Officer and the very substantial headroom for further growth in all of our territories mean that we are exceptionally well-placed as we enter the second half of the year.”
Paul Harrison, Interim Chief Executive Officer and Chief Financial Officer, commented, “Just Eat’s marketplace connects millions of consumers to thousands of restaurants. The success of our business model is based on delivering ever-greater choice and convenience to customers, while bringing more benefits and services to our Restaurant Partners.
'We are pleased to see our continued investment in technology and marketing add value to both sides of this marketplace, which is reflected in the strong start we have made to 2017.
'Our largest competitor remains the telephone in every market where we operate. However, we continue to drive channel shift and are pleased that 75% of total orders are now placed on mobile devices. In the UK, we have seen increased traffic to our website and improved consumer reorder rates, demonstrating the strength of our brand loyalty.
'Our international businesses, now 43% of Group revenues, have enjoyed further good momentum. In particular, the acquisition of SkipTheDishes has generated revenues above expectations and consolidated our market-leadership in Canada.'
'Revenues for the First Half were ahead of management’s expectations. Reflecting this more positive outlook for the Group, we are pleased to raise our revenue guidance for 2017 to between £500m - £515m up from £480m - £495m.
'In line with our strategy, we intend to reinvest this revenue outperformance into additional profitable growth opportunities, including further building on the momentum within the business and increased collaboration with branded UK restaurants. Therefore, uEBITDA1 for the Full Year is still expected to be between £157 – £163 million.”