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Tue 3rd May 2016 - Just Eat reports like-for-likes up 41% in First Quarter
Just Eat reports like-for-likes up 41% in First Quarter: Just Eat, the digital marketplace for takeaway food delivery, has reported 41% like-for-like growth in the First Quarter of 2016, with total orders up 57%. Total orders in the First Quarter were 31.5 million – UK orders were up 40% year-on-year. The company said: “A one percentage point increase in the commission rate for existing UK restaurants came into effect in early April, alongside a change from twice monthly to weekly payments, which will significantly improve our partners’ cash flows. The initial response to these changes has been positive. The integration of the businesses acquired in Italy, Brazil and Mexico in February is going well, and following competition authority approval, the associated acquisition of La Nevera Roja in Spain closed on 4 April. Order growth in all of these markets has remained strong. Given the increase in the UK commission rate going into the second quarter, the board increases its expectations for full year revenues to £358 million, at current exchange rates, up from £350 million given at the time of the Full Year 2015 results. Supported by this improved revenue performance, whilst reinvesting a proportion of the additional UK revenue for growth, Underlying Ebitda for the full year is expected to be within the range of £102-104 million, up from the previous guidance of £98-100 million.” Chief executive David Buttress said: “We have had an excellent start to 2016 and I am delighted with the company’s performance and the momentum in the business. The team has continued to work hard to deliver increased value and ever more orders to our restaurant partners. Our focused strategy and improvements to both our consumer offering and restaurant support are working and we are well positioned to continue benefitting from channel shift in the category. With this in mind, we are pleased to increase our guidance to full year 2016 revenues to £358 million and Underlying Ebitda in the range of £102-104 million.”

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