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Tue 2nd May 2017 - Just Eat reports like-for-like sales up 40% as revenue passes £100m in first quarter
Just Eat reports like-for-like sales up 40% as revenue passes £100m in first quarter: Just Eat, the global marketplace for online food delivery, has reported like-for-like sales increased 40% in the three months to 31 March 2017 as revenue passed the £100m mark. The company saw revenue increase 46% to £118.9m in the first quarter compared with £81.5m the previous year. It said the 40% like-for-like sales increase was driven by strong order growth, last year’s commission increases, including the UK, and the inclusion of SkipTheDishes, the Canadian business it acquired towards the end of last year. Total orders were 39.0 million (quarter one 2016: 31.5 million), up 25% on a like-for-like basis. UK orders were up 17% to 24.0 million (quarter 2016: 20.6 million). The company said after taking account of both the benefits associated with the additional leap year trading day and Easter falling into the first quarter of 2016, order growth would have been 19%. International orders were up 43% to 15.0 million (first quarter 2016: 10.9 million), a like-for-like increase of 43%. It said continued progress has been made rolling out its Orderpad restaurant platform in the UK, Canada, Denmark, Ireland, Italy and Spain. Interim chief executive and chief financial officer Paul Harrison said: “Just Eat has enjoyed another period of strong growth. In addition to structural market growth, we are also seeing the benefits of ongoing investments in technology and marketing. We are pleased to reiterate guidance given at our 2016 full year results on 7 March 2017, for full year 2017 revenues of between £480m to £495m, and underlying Ebitda of £157m to £163m.”


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