Just Eat publishes Q3 2017 update
Strong Q3 performance; increased full year revenue guidance
Just Eat plc (LSE: JE.), a leading global marketplace for online food delivery, today updates the market on its performance over the three and nine months to 30 September 2017 (“Third Quarter” or “Q3” and “Year-to-date” or “YTD” respectively).
- Reported revenues were up 47% to £138.6 million in the Third Quarter (Q3 2016: £94.5 million) driven by strong order growth and the inclusion of SkipTheDishes.
- Reported revenues YTD up 45% to £385.2 million.
- On a currency neutral basis, revenues grew by 44%.
- Total orders were up 29% to 43.1 million in the Third Quarter (Q3 2016: 33.3 million).
- UK orders were 26.2 million (Q3 2016: 21.4 million), up 22% against a comparative period that was impacted by unseasonal weather conditions.
- International orders were up 43% to 16.9 million (Q3 2016: 11.8 million), driven by triple digit pro-forma order growth from SkipTheDishes.
- Proposed acquisition of Hungryhouse received provisional clearance from the Competition and Markets Authority.
Just Eat further announces that, following three years as a listed company, it is ceasing publication of its January trading update. Just Eat will continue to report full financials at the full and half year, alongside first and third quarter trading updates. As such, Just Eat’s next market update will be its full year 2017 results on 6 March 2018.
Given the continued strength of SkipTheDishes, driven by commensurate investment, we are pleased to raise our previous revenue guidance for full year 2017 of £500-515 million to between £515-530 million and retain that of underlying EBITDA of between £157-163 million.
Peter Plumb, CEO commented:
“The Just Eat 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. We will continue to invest for growth in technology, marketing and great people.”
Forward looking statements:
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements. Any forward-looking statements in this announcement reflect management's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, the Company undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations or to reflect events or circumstances after the date of this announcement.
About Just Eat:
Just Eat plc operates a leading global marketplace for online food delivery. Headquartered in London, we use proprietary technology to offer a quick and efficient digital ordering service for 19.6 million customers and 78,700 restaurant partners. Just Eat is a member of the FTSE 250 Index.