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Just Eat publishes Q3 2016 Order Update

Strong performance driving increased revenue and EBITDA guidance

Just Eat plc (LSE: JE.), the world’s leading marketplace for online food delivery, today issues an order update for the three and nine months to 30 September 2016 (“Third Quarter” or “Q3” and “Year-to-date” or “YTD” respectively) and updates its guidance for full year revenues and underlying EBITDA.

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Total orders in the Third Quarter were 33.3 million, showing strong growth of 34% year-on-year on both a reported and like-for-like basis.Highlights include:

  • UK orders were up 28% in the quarter, notwithstanding a significantly warmer and dryer summer than 2015 (Q3 2015: up 50%).
  • Further penetration into mobile usage with more than 80% of UK orders being made via mobile devices (Q3 2015: 74%) and over 46% of UK orders being made by app (Q3 2015: 41%).
  • Over 30% of UK orders are now being processed on our Orderpad restaurant platform, and we have successfully commenced the roll out of this technology in Spain, Denmark, Italy, Canada and Ireland.
  • We continue to invest in a number of technology and marketing initiatives and are starting to see the benefits of these in many of our markets.
  • Integration of businesses acquired in Spain, Italy and Mexico continues to progress well.

Outlook:

  • As we get closer to the end of the year, we increase our expectations for full year revenues to £371 million at constant exchange rates[3] up from £368 million, and a range of £109-£111 million of underlying EBITDA, up from £106-108 million, again at constant exchange rates3.

David Buttress, CEO, commented:

“Just Eat has had another period of strong order growth. Whilst we continue to invest in a number of technology and marketing initiatives and are starting to see the benefits of these in many of our markets, we have continued to focus on delivering the best possible service to our restaurants and customers. Consequently, we are pleased to increase revenue and EBITDA guidance for the full year. I would like to thank the whole Just Eat team for their continued hard work and commitment.”

[1] Orders from our Mexico and Australia businesses are included from their dates of acquisition, in February 2015 and mid-June 2015 respectively.

[2] Q3 and YTD like-for-like growth excludes orders from Australia, Mexico and our Benelux business, which was sold on 2 August 2016.

[3] Constant exchange rates use rates used for guidance at our interim results in July 2016. Using current exchange rates, revised revenue guidance would increase to £373 million while there would be no material change to underlying EBITDA.

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