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Tue 12th Aug 2014 - Just Eat reports six months of “excellent growth”
Just Eat reports six months of “excellent growth”: Just Eat, the online takeaway business, has reported “excellent growth” in the six months ended 30 June 2014 with revenue up 58% to £69.8m and Underlying Ebitda up 591% to £15.9m. Just East connects 6.9 million active users to over 40,000 takeaway restaurants in 13 countries. Orders were up 50% to 27.5m (H1 2013: 18.3m). The number of active users was up 35% to 6.9m (as at 30 June 2013: 5.1m) and there was a 4,400 net increase in contracted takeaway restaurants to 40,800 (H1 2013: increase of 4,200). Orders via mobile devices are now over 50% of total orders for the first time. The platform processed orders worth £465m for its takeaway restaurants (H1 2013: £311m). Chief executive David Buttress said: “I am delighted with our excellent progress across the business in the first six months of 2014. Revenue has grown 58% on the same period last year to £69.8 million, we have significantly improved profitability and continued to deliver strong cash conversion. We are accelerating our mobile strategy across all our geographies and in the UK over 56% of orders are already being placed via apps or through a mobile device. Our growing network of more than 40,000 restaurant partners combined with 6.9 million active users provides further momentum to fuel our expansion through the remainder of 2014 and beyond. It has been an exciting period for Just Eat, with our IPO in April and inclusion in the FTSE 250 in June. I would like to thank the whole team for their continued passion and commitment.” The company said July’s results continue to show significant year-on-year growth and it is confident that this momentum will be maintained. It added: “Our inherently strong operational leverage should result in full year margin improvement in the UK. In our earlier stage geographies we also expect to see these leverage benefits continue even with substantial on-going investment. We remain focused on the opportunity ahead of us, both in our core takeaway delivery market and the untapped collection/ pick-up space.”

Eclectic picks up Sheffield site: Eclectic, the operator of premium bars in the UK led by Reuben Harley, has signed a 20 year lease on a new site in Sheffield, a key target city for the Group, bringing the total number of sites to 23. The property is situated on the popular West Street, set over two levels with ground floor and first floor totalling 6,500 square feet and also includes its own exclusive outside area. The company intends to develop this unit in the financial year ending June 2015 to a Lola Lo and will include the Group’s popular ‘Island Grill’ food offering.

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