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Morning Briefing for pub, restaurant and food wervice operators

Tue 17th Mar 2015 - Just Eat reports underlying Ebitda up 131%
Just Eat reports underlying Ebitda up 131%: Just Eat, the leading online market place for restaurant delivery, has reported sales grew 62% to £157m in the year to 31 December 2014. It now has a network of 8.1 million active linked to over 45,700 takeaway restaurants. Underlying Ebitda was up 131% to £32.6 million. Orders were up 52% to 61.2 million (2013: 40.2 million). The number of active users grew 37% to hit the 8.1 million mark (2013: 5.9 million). The group processed orders worth over £1 billion for its takeaway restaurants. It reported continued progress on its “three strategic initiatives of improving consumer experience, bringing greater choice and driving channel shift”. Orders placed via mobile devices now account for 61% of orders (2013: 43%). It made seven strategic acquisitions completed in 2014 and a further three completed post year-end. Chief executive David Buttress said: “It’s been another excellent year for Just Eat. Our results demonstrate how we are successfully building market-leading positions as more consumers discover the ease of use and wide choice of cuisines that our marketplaces for takeaway food offer. This would not have been possible without the commitment and passion of all of our teams and I would like to thank them for their hard work and dedication. I am delighted with the progress we have made both financially and operationally. I remain confident for the year ahead as we focus on our strategic objectives, investing to deliver long-term, sustainable returns for our shareholders.” Strong trading momentum has continued into 2015. Investment for growth in areas such as technology, marketing and people will continue, and as a result, the board expects 2015 revenues to marginally exceed £200 million, at current exchange rates. Top cuisines in 2014 were: 1 Italian and pizza, 2 Chinese, 3 Indian, 4 Kebab and 5 American. The company reported sushi is its ‘star rising’ cuisine with orders up 120% since 2013. Just Eat customers ordered 491,125 korma mild curries in 2014 compared to 29,670 hot phall curries.

Sainsbury’s reports volume growth after slashing prices: Sainsbury’s has reported a positive response to price investment as volume and like-for-like transactions increase in the ten weeks to 14 March. However, total retail sales for fourth quarter down 0.3% (excl fuel), down 2.7% (inc fuel). Like-for-like Retail sales for fourth quarter down 1.9% (excl fuel), down 3.9% (inc fuel). Over 1,100 prices have been reduced by Sainsbury’s since it announced a £150 million price investment, resulting in volume increases across the business as new customers discover our great value. Chief executive Mike Coupe said: “The trading environment remains challenging and the decisions we have taken to improve our competitiveness are reflected in our quarterly performance. Since we announced our Strategic Review in November we have lowered the regular prices of over 1,100 products, ensuring our price position relative to our major competitors has never been stronger. In addition, we have absorbed record levels of food deflation in categories where we trade most strongly – produce, dairy, fresh ready meals, meat, fish and poultry – allowing customers to continue to Live Well for Less at Sainsbury’s. During the quarter we have seen volume growth across the food business and an average uplift of over three per cent on the 1,100 products where we have made price reductions.”

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