Just Eat raises expectations after ‘strong’ third quarter

31/10/2017 - 09:45
Online food delivery marketplace, Just Eat, has reported growth in revenue and total orders for the 12 months to 30 September 2017.

Results for the period showed revenues up 47% to £138.6 million- said to be driven by strong order growth and the performance of its Canadian food delivery business, SkipTheDishes.

As a result of the “continued strength” of SkipTheDishes, which Just Eat purchased in December 2016 for C$110 million, the company has raised its revenue prediction for the full year to £515 million.

Predictions of underlying earnings before interest, tax, depreciation and amortisation (EBITDA) stayed the same at between £157-£163 million.

Chief executive, Peter Plumb, said: “ The team has once again delivered another period of strong growth.

“As I get to know the company, it is great to see the UK business in good health and positive momentum across our international markets, particularly in Canada where SkipTheDishes’ delivery expertise and relentless focus on customer service are driving excellent results."

Total orders across the group were up 29% to £43.1 million compared to £33.3 million in 2016.

UK orders experienced an increase of 22% to £26.2 million while international orders were up 43% to £16.9 million.

Just Eat was given provisional clearance from the Competition and Markets Authority earlier this month to acquire market competitor Hungryhouse.

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