Just Eat revenues jump as orders hit 39 million in first quarter

 
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Just Eat has had 24 million orders in the UK so far this year (Source: Getty)

Online food delivery service Just Eat reported a 46 per cent jump in revenues to £118.9m in its first quarter, up from £81.5m the same time last year.

The figures

Adjusted for currency, like-for-like revenues were up 40 per cent in the three months to 31 March, Just Eat said today.

Total orders across the whole business were up 25 per cent to 39m, with overseas sales boosted by its acquisition of Canadian rival SkipTheDishes.

Some 24m orders were made in the UK, marking a year-on-year increase of 17 per cent. Stripping out this year's late Easter and last year's leap year day, that rises to 19 per cent.

However, shares close 1.2 per cent lower, at 569.9p.

Why it's interesting

Revenues have grown faster than orders because Just Eat increased the commission paid by restaurants for orders last year.

Buying rival service, SkipTheDishes, helped non-UK orders rise 38 per cent to 15m. Meanwhile, its £200m acquisition of Hungryhouse, announced in December, is still under consideration by the Competition and Markets Authority, with a decision due next week.

What Just Eat said

Paul Harrison, the company's interim chief executive, said the results put Just Eat on track to make revenues of £480-495m and underlying pre-tax profit of £157-163m this year.

He commented:

Just Eat has enjoyed another period of strong growth. In addition to structural market growth, we are also seeing the benefits of ongoing investments in technology and marketing.

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