Just Eat revenues jump 25% in Q3 results

Just Eat has reported a 25% increase in revenues to £248m in the three months to 30 September 2019.

Its UK orders increased by 8% to 33 million, driven by rapid growth in its delivery proposition, which is now present in all key zones. Group orders also increased by 16% to 62 million.

This was offset slightly by slower growth in its marketplace business, on the back of a broadly softer consumer spending backdrop and changing consumer preferences.

The board said it remains “confident” in the current performance of the group and is reconfirming its guidance for full year 2019 revenue in the range of £1bn to £1.1bn and uEBITDA in the range of £185m to £205m (both excluding Brazil and Mexico).

Peter Duffy, interim CEO of Just Eat, said: “We are seeing strong growth in many of our markets, including Canada, Europe and pleasingly Australia, where we are starting to reap the benefits of our turnaround plan.

“Our UK marketplace business is a strong and clear leader; however, we are seeing a structural shift, with increasing demand on our platform from customers for broader cuisine choice and more meal occasions, led by quick service restaurant chains.

He added: “The strong growth in our UK delivery business shows that we can successfully meet these needs.

“The winning platform for food delivery will offer customers the broadest range, underlining the importance of our move to the hybrid business model and continuing investments in key markets.”

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